The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.

In an update released two days ago, Coin Bureau looked at how the collapse of SBF’s FTX empire could impact the price of $SOL, the native token of the Solana blockchain.

Despite SOL’s plunge, developers have been keeping users engaged on positive milestones as they try to revive the network’s fading enthusiasm.

The Solana Foundation, a non-profit organization that supports the development of the Solana blockchain, also acknowledged having $1 million in cash or other equivalent assets that were trapped on FTX.

The world’s largest stablecoin issuer, Tether, has ensured that there are no risks from USDT on the Solana network.

Solana (SOL) trades at $13.5, with a 5% loss in the last 24 hours and a 3% loss in the previous week. The cryptocurrency is recording significant losses across all timeframes due to the recent event surrounding FTX and the contagion impacting the crypto industry. 

Crypto exchanges Binance and OKX announced temporary suspension of USDC (SOL) and USDT (SOL) deposits.

Solana (SOL) Foundation revealed that it held roughly $1 million worth of cash or its equivalent -less than 1% of its assets- on bankrupt crypto exchange FTX as of Nov. 6, according to a Nov. 14 blog post.

The cryptocurrency market continues to bleed out and in the past 24 hours, its total capitalization shed another $20 billion.

Transak, a Web3 onboarding infrastructure provider, is taking a step in this direction, announcing the launch of its crypto-to-fiat off-ramping service.