Arthur Hayes Calls Solana A ‘Shitcoin’; Here’s Why

Solana News: The global crypto industry collapse continues as the cumulative market cap drops below the crucial $800 billion mark. The biggest crypto like Bitcoin (BTC) and Ethereum (ETH) prices have dropped by a whopping 65% and 68% over the year to date (YTD), respectively. However, the year 2022 has proven to be worst for the Solana (SOL).

Solana to drop more?

Solana prices have dropped by over 94% on a YTD basis. SOL started the year with a trading price of $172. However, Solana is trading at an average price of $10.06, at the press time. This is marked as a huge drop for the top crypto that ruled the charts. SOL has become one of the biggest looser of the year 2022.

Arthur Hayes, co founder of the BitMEX crypto exchange came out to comment on the situation. He stated that even “Solana” is a complete and utter shitcoin. He added that at some point it will be a buy if the mainstream financial press is dunking on it.

Hayes highlighted that “Nothing ever goes up or down in a straight line”.

However, SOL price have dropped by another 12% over the past 24 hours. Meanwhile, its 24 hour trading volume is up by a massive 158%.to stand at $397 million. It is still holding a market cap of over $3.6 billion.

Community leaving SOL?

Coingape reported that the struggle for Solana blockchain is on a rise since the collapse of FTX. SOL price has taken a dive of over 73% over the past 8 weeks. However, NFT projects and Validators are also leaving Solana for other blockchains.

DeGods and Y00ts, Two of the most important NFT projects based on the Solana blockchain announced migrating to the Ethereum and Polygon ecosystems, respectively.