– Solana, or SOL, is the token behind the Solana blockchain, which supports smart contracts and has emerged as a rival to the Ethereum blockchain
– Sam Bankman-Fried, the founder of FTX, frequently praised Solana and both FTX and Alameda, Bankman-Fried's trading firm, held Solana tokens on their balance sheets
– While Solana has no direct relation to FTX, its association with Bankman-Fried has impacted its value
The lack of intrinsic value in cryptocurrencies means their values are based on confidence and perceived utility, and if those suffer, the value of the token can suffer as well
– SOL has dropped 51.14% since the controversy around FTX began on November 2nd
– In the same period, ether has fallen 21.3% and bitcoin 17.6%
– The price of Serum, or SRM, a token for the decentralized exchange created by Bankman-Fried on the Solana blockchain, is down 80.5% since November 2nd.