According to cryptocurrency ranking website CoinMarketCap, XRP has eclipsed Solana (SOL) in terms of market value, 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. Thats, having lost 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 disastrous Saturday sell-off.
Solana is now down 65.69 percent from its all-time high of $259.96 achieved on Nov. 6, crushing the aspirations of those who touted its own blockchain as the main Ethereum competitor.
Most notably, it has dropped 40% since boxing icon Mike Tyson tweeted just over a week ago that he had gone all-in on SOL.
With an optimistic analysis, Bank of America and JPMorgan gave Solana a boost. The former suggested that Ethereum’s opponent might become the Visa of the digital age, dismissing concerns about centralization.
Due to market turmoil over the weekend, Solana. Of course, which has been marketed as a Wall Street-friendly blockchain for processing 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 sank into obscurity.
Following a series of technological difficulties, Bitcoin advocate Peter McCormack warned that Solana will never be able to scale.
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