Solana’s Market Value Plunges $20 Billion After Outage—Is This Good For Ethereum? – Forbes

Solana’s Market Value Plunges $20 Billion After Outage—Is This Good For Ethereum? – Forbes

Topline

Though it’s been one of the year’s fastest-appreciating cryptocurrencies, Solana’s sol token has given up much of its massive gains this week, plunging more than 35% from last week’s record high following a network outage that some experts believe could bolster the case for more-established platforms like Ethereum. 

Key Facts

Sol tanked as much as 10% Friday to $135.25, marking the token’s lowest level in nearly two weeks and pushing its market value to about $40.6 billion, more than $20 billion below its high on September 9.

Though the token initially rose during a crypto crash last week, prices started falling over the weekend as the broader market struggled to pare losses, with the selloff quickly intensifying Tuesday morning after a surge in transaction volume and bot activity sparked outages on Solana’s network for more than 17 hours.