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Going short on SOL? You may want to consider what is at ‘stake’

Going short on SOL? You may want to consider what is at ‘stake’
  • Solana’s transaction charges declined together with its growth exercise
  • Solana misplaced curiosity from stakers as nicely

Solana’s transaction charges declined over the previous yr, based on new information by token terminal. Reportedly, after the FTX collapse, $946.66k was collected in charges over the previous 30 days. Out of this, $473.33k was paid to SOL stakers, a quantity that declined by 41.3% over the past yr.

This decline in income might thus have a adverse influence on SOL.

Learn Solana’s [SOL] Worth Prediction 2023-2024

Quite a bit at “stake”

In response to Staking Rewards, the variety of stakers on the community fell by 0.46% within the final month. As of three December, there have been greater than 577,000 stakers on the Solana community.

Supply: Staking Rewards

Moreover, Solana‘s growth exercise decreased significantly as well, with crypto protocols reminiscent of Cosmos [ATOM], Kusama, and Uniswap [UNI] outperforming it.

Solana NFTs to the rescue

Amidst all of the chaos, Solanas saving grace remained its rising NFT market. From the picture given under, it may be noticed that the amount of Solana NFTs grew considerably regardless of the bear market.

Nevertheless, the general ground worth of Solana NFTs declined. Furthermore, based on Solana floor, the variety of NFT merchants fell from 16k to 1.8k within the final three months.

Solely time nicely whether or not Solana will proceed its NFT progress amidst all of the exterior circumstances and FUD.

Supply: solana ground

A fast look on the SOL information

Exercise on SOL‘s community declined massively, together with the community’s transaction rely. In response to information from Dune Analytics, the variety of transactions on the community decreased from 42 million to 25 million over the past 4 months.

Supply: Dune Analytics

As of three December, SOL was buying and selling at $13.57, as its worth rose by 0.20% between 2 and three December. Moreover, its market cap dominance fell considerably over the past seven days, falling by 7.32%. Lastly, Solana captured 0.67% of the overall crypto market.

Nevertheless, at press time, SOL exchanged palms at $13.45 and witnessed a 1.38% decline within the final 24 hours.

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