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Solana Suffers Major Setback As Development Activity Plunges, Lost Over 95% of Its Value

Solana lost over 95% of its value since its all-time high last November. A crash of this magnitude has shaken even the most resilient investors to the core.

The Solana ecosystem was expected to mount a serious challenge to Ethereum. Once heralded as an “Ethereum Killer,” the development activity on the network has taken a toll as well.

According to data from the crypto analytic platform Santiment, Solana’s development activity has been on a massive decline. Developers are no longer seeing any advantages to using the network and are currently in a near-death state.

Furthermore, Token Terminal’s data suggest that the number of active blockchain developers has dropped from 3.7k recorded at the beginning of the year to about 1.6k in December. The developer count stood somewhere around 2,553, but the network is now left with only 76.

Solana Solana $253.88
-0.06%
Solana
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