Solana (SOL) suffers the sixth outrage in three months as the network slips below XRP in terms of market capitalization
Solana (SOL) Network Slips Below XRP
According to cryptocurrency ranking website CoinMarketCap, XRP has surpassed Solana (SOL) in terms of market capitalization and is now ranked seventh.
The two cryptocurrencies stated above are worth $28.9 billion and $27.5 billion, respectively.
At press time, Solana is the greatest laggard among the top 20, having lost a further 11% in the last 24 hours.
The token fell to $87.6 earlier today, its lowest level since late August, after recovering from the devastating Saturday sell-off.
Solana is now down 65.69 percent from its all-time high of $259.96 set on Nov. 6, dashing the hopes of those who touted its native blockchain as the top Ethereum competitor.
Most notably, it has dropped 40% since boxing legend Mike Tyson tweeted just over a week ago that he had gone all-in on SOL.
Bank of America and JPMorgan gave Solana a boost with a bullish analysis. The former predicted that Ethereum’s rival could become the Visa of the cryptocurrency age, dismissing concerns about centralization.
The Sixth Outrage in Three Months for Solana
Due to market turbulence over the weekend, Solana, which has been billed as a Wall Street-friendly blockchain for handling high-speed transactions, became unstable once again.
Users began making jokes about turning the network off and on, highlighting the blockchain’s lack of decentralization.
Solana has now experienced six outages in the last three months.
Mark Jeffrey, an American entrepreneur, has stated that he now has “zero faith” in the ambitious project, comparing it to EOS, one of the most popular blockchain projects in 2018, which faded into obscurity.
Following a series of technical hiccups, Bitcoin advocate Peter McCormack predicted that Solana would never be able to scale.
