Crypto News

Solana (SOL) drops by over 2.5%, trading at $69.68

SOL is currently trading at $69.68

Anatoly Yakovenko, the co-founder of Solana, took a moment to reflect on the six-year journey that led to the establishment of Solana (SOL), a crypto project currently valued at more than $30 billion, in a recent Twitter post.

Yakovenko discussed the difficulties encountered during the early stages of fundraising and development for Solana.

Yakovenko’s Twitter post marks the sixth anniversary of his fundraising efforts for Solana, which began on December 9, 2009.

He shed light on the early difficulties in obtaining sufficient funding to propel Solana’s development, emphasizing the resilience and determination required in the early stages of a crypto project.

According to Coinshares’ most recent report, crypto funds received $43 million in net inflows for the week ending December 9th. While this indicates continued investor interest, it is a significant decrease from previous weeks.

Analysts attribute this shift to investors’ increased risk aversion following the recent market rally, which prompted some to hedge their positions through short positions.

As Asian markets opened on Monday, the crypto market experienced a significant correction, resulting in significant sell-offs across major digital assets.

The correction was fueled by a drop in investor confidence, with many experts expecting a reversal following the recent market surge. The value of the top cryptocurrencies was affected by this correction.

According to CoinMarketCap data, SOL is currently trading at $69.68, representing a 2.57% decrease in the last 24 hours.

Despite this drop, trading volume has increased by 34.62%. Solana’s current market position highlights the broader cryptocurrency landscape’s ongoing volatility and corrective movements.

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