Cryptocurrency News, Cryptocurrency Price Analysis, DeFi (Decentralized Finance), Finance News, NFT (Non Fungible Tokens), Scam

Solana’s (SOL) Despair Continues Amid Deteriorated Development Activity

  • The previous few days saw SOL’s development activity slumping significantly.
  • Also, the crypto’s total value locked (TVL), and the revenue took a blow.

Solana has struggled throughout 2022. However, Solana wouldn’t take a break with several downtimes, FTX-driven FUD, and leading NFT collections migrating to other networks. Furthermore, the latest Santiment data indicated that SOL’s development activity deteriorated.

That might have emerged as most Solana development activity was faked. The report indicated that artificial identities created the delusion of heightening development activity.

A Lot At Risk

Besides the plunged development activity, Solana network stakers started to dip. According to Staking Rewards data, the Solana blockchain saw stakers reducing by more than 29% within the past month. Furthermore, most stakers began leaving the platform after December 22 despite the 7.33% reward rate.

While publishing this news, Solana had 406,365 stakers. Solana saw faded stats on the decentralized finance front too. The alt’s total value dipped further within the previous week, sliding to $38.89 billion from $41.86 billion.

Meanwhile, deteriorated DeFi activities impacted SOL’s revenue. Token terminal confirmed that Solana’s generated revenue dropped 32.5% over the past 30 days. The metric swayed at 1.7 million during this writing.

On-Chain Outlook

Though Solana exhibits pessimism, the alt saw a volume uptick. Santiment’s information indicated that SOL’s volume surged over the last seven days, with the same climbing to 391.5 million from 162 million since December 22.

Though SOL’s future remains bleak during this writing, enthusiasts can have hope as some creators continue to build on Solana. That indicated faith by community members in SOL.

However, the project is yet to confirm whether the few projects can bring what it’s needed to resurrect the alt and its prices. While publishing this news, SOL changed hands at $9.46. The alternative coin dropped approximately 5.69% within the past 24 hours.

Also, the broad crypto market struggles weigh on SOL. Bears have dominated the cryptocurrency world since the FTX fall. For instance, Bitcoin remained beneath the $17K mark, trading at $16,600 during this writing. Market-wide recovery is essential for SOL’s resurrection.

Leave a Reply

Your email address will not be published. Required fields are marked *