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Solana (SOL) Slips Below XRP as Network Suffers Another Outage

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Mon, 01/24/2022 - 07:53
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Alex Dovbnya
Solana (SOL) is down nearly 40% over the past week
Solana (SOL) Slips Below XRP as Network Suffers Another Outage
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XRP has surpassed Solana (SOL) by market capitalization, currently sitting in seventh place, according to cryptocurrency ranking website CoinMarketCap.

The two aforementioned cryptocurrencies are valued at $28.9 billion and $27.5 billion, respectively.

Solana is the biggest laggard within the top 20 at press time, shedding yet another 11% over the past 24 hours.

After recovering from the devastating Saturday sell-off, the token plunged to $87.6, its lowest level since late August, earlier today.

Solana is now down 65.69% from its record high of $259.96 that was set on Nov. 6, dashing the hopes of those who pitched its native blockchain as the top Ethereum killer. Most notably, it has shed 40% since boxing legend Mike Tyson tweeted that he had gone all-in on SOL just a little over a week ago.

As reported by U.Today, Bank of America and JPMorgan gave Solana a shot in the arm with a bullish analysis. The former predicted that the Ethereum rival could end up becoming the Visa of the cryptocurrency age, shrugging off centralization concerns.

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Solana, which has been billed as a Wall Street-friendly blockchain for handling high-speed transactions, once again became unstable due to market turbulence over the weekend. Users started joking about turning the network off and on again, pointing to the blockchain's poor decentralization.

This is the sixth outage experienced by Solana over the past three months. American entrepreneur Mark Jeffrey has commented that he now has "zero faith" in the ambitious project, comparing it to EOS, one of the dominant blockchain projects of 2018 that eventually faded into obscurity.

Bitcoin advocate Peter McCormack has predicted that Solana will never be able to scale following continuous technical hiccups.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.