According to monitoring company CoinGecko, the cryptocurrency dropped 61.6% of its value during the last seven days. Prices for Solana (SOL) are currently 95% lower than their record high on November 6, 2021. From $259.96 in November 2021, Solana is currently trading at about $13.95. 

Solana's demise was caused by the failure of cryptocurrency exchange FTX on November 8, which declared bankruptcy under Chapter 11 three days later as a result of a liquidity shortage.

The FTX fiasco and Solana's setback had an impact on the entire cryptocurrency market, which has fallen 17.6%, or $188.4 billion, since November 7.
The most well-known cryptocurrency, bitcoin, has decreased by 22.4% in the past week. The second-ranked cryptocurrency by market value, ether, has decreased 24.4% in the last week.

The FTX creator Sam Bankman-Fried, who resigned on November 11 in the wake of the collapse of his business, built an on-chain cryptocurrency exchange dubbed Project Serum, which is linked to the coin. A centre for liquidity is Serum.

The FTX creator Sam Bankman-Fried, who resigned on November 11 in the wake of the collapse of his business, built an on-chain cryptocurrency exchange dubbed Project Serum, which is linked to the coin. A centre for liquidity is Serum.

As the protocol and ecosystem that bring high speed and low transaction cost to Solana DeFi, serum is one of the pillars of the Solana DeFi infrastructure. It provides an on-chain central limit order book and matching engine, allowing institutional and ordinary investors to share liquidity and take use of its robust trading features.

As FTX has come under fire, anything connected to the exchange and its creator is tainted. By association, Serum and Solana were thrown into discredit by the revelation that hundreds of millions of dollars' worth of bitcoin were illegally withdrew from FTX following the filing of its bankruptcy. Investors are unsure if the protocol will also be impacted.