According to Suzuki Shillsalot at Ambcrypto Solana has overtaken Ethereum in terms of total sales in the NFT market with 100% growth in the last 30 days, while the latter suffered negative 18% growth.
Graph obtained from the twitter account solana_daily
Not only this, but CryptoDep, a popular Twitter user who posts about crypto updates, mentioned that Solana was also on the list of trending cryptos on CoinGecko on Oct. 12.
Although both developments looked quite promising, nothing seemed to reflect on Solana's chart as it was mostly painted red.
Data from CoinMarketCap revealed that it was one of the worst performers among the top 10 cryptocurrencies in terms of market cap, posting more than 10% negative weekly gains.
One possible reason for this performance depreciation could be the most recent hack of Mango, a DeFi project on Solana.
By manipulating Mango's collateral, the hackers received a significant amount of loans from the company's treasury, potentially causing a loss of more than $100 million. Interestingly, Solana's on-chain metrics also revealed that things were worse than they seemed.
Not all it's rigth
Solana development activity has dropped considerably over the past week, which is a red flag for a blockchain as it represents less effort on the part of developers to improve the network.
However, development activity recorded a slight uptick. On the other hand, its volume was marginally reduced on October 12.
Posted Using LeoFinance Beta
