Matrixport Delists Solana, SOL Plunges 96% From All-Time High

• Bitmain founder-backed asset management company Matrixport is reportedly delisting Solana and Solana-U dual currency investment products on December 30th.
• The delisting comes as the Solana ecosystem has been badly wounded after the collapse of FTX and its native token – SOL – has plummeted 96% from its all-time high of $260 in November last year.
• Matrixport is founded by Jihan Hu, who happens to be the co-founder of Bitcoin mining hardware giant, Bitmain.

It has been a rough few months for the crypto asset and blockchain technology project, Solana. After being heavily tied to Sam Bankman-Fried’s crypto exchange, FTX, the project has been badly wounded due to the collapse of the latter. As debates have accelerated over the prospects of Solana, its native token – SOL – has plummeted 96% from its all-time high of $260 in November last year. Adding to its woes, crypto asset management company Matrixport, founded by Jihan Hu, who happens to be the co-founder of Bitcoin mining hardware giant, Bitmain, is reportedly gearing up to delist Solana and Solana-U dual currency investment products on December 30th.

Matrixport’s move to delist Solana and Solana-U follows several other delistings of the project from various exchanges and trading platforms in recent months. The delisting is seen as a major blow to the Solana project as it could significantly impact liquidity for the SOL token and its associated products. The company had also taken a similar action in August when it delisted the SOL-USDT and SOL-USDC trading pairs from its platform.

The delisting of Solana and Solana-U from Matrixport will likely further shake investor confidence in the project and its native token. It remains to be seen how the project and its native token will respond to the delisting and whether it will manage to regain investor confidence in the near future.

The Solana project had been riding high with the success of its native token, SOL. The token had seen a meteoric rise in the past year, reaching its all-time high of $260 in November last year. However, since then, the token has been on a steady decline, losing more than 96% of its value. The delisting of Solana and Solana-U from Matrixport is yet another blow to the project and its native token.

It remains to be seen how the project and its native token will respond to the delisting of Solana and Solana-U from Matrixport and whether it will manage to regain investor confidence in the near future. With the crypto market having a small memory, only time will tell if the delisting will have a lasting impact on the Solana project and its native token.