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Learn about the reasons for the decline of the digital currency SOL in the ranking of the list of the largest currencies by market capitalization

Learn about the reasons for the decline of the digital currency SOL in the ranking of the list of the largest currencies by market capitalization

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Answer Learn about the reasons for the decline of the digital currency SOL in the ranking of the list of the largest currencies by market capitalization

XRP has overtaken SOL in terms of market capitalization, and SOL is currently ranked eighth, according to CoinMarketCap.

The aforementioned two coins are valued at $28.9 billion and $27.9 billion, respectively.

Solana is among the hardest hit in the recent drop in most cryptocurrencies, as the price of the coin has fallen by 13% in the past 24 hours.

After recovering from the heavy selling on Saturday, the price of SOL fell to $87.4, its lowest level since late August.

Read:Report: Clean Energy Use of Bitcoin Mining Reached 52.2% in 2021

The price of the cryptocurrency Solana is now down 65.69% from its high of $259 that the coin reached on November 6th.

Notably, the coin has fallen 40% since boxing legend Mike Tyson tweeted that he had shared everything on SOL just over a week ago.

Reasons for Solana’s decline:

First and in general, the decline started with Bitcoin and affected most of the alternative digital currencies, including Solana.

The second reason that compounded Solana’s decline is the imbalance that touched it recently and it has once again become unstable.

Users began joking about turning the network off and on again to get back to working normally, citing weak decentralization of its network.

The glitch and the latest outage is the sixth that Solana has been experiencing in the past three months.

American businessman Mark Jeffrey commented that he does not believe at all now in the Solana project.

Bitcoin advocate Peter McCormack has predicted that Solana will not be able to expand after the ongoing technical problems it faces.

Read:A fraudster declares bankruptcy after collecting 13 million dollars from investors with the aim of investing their money in Bitcoin

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