Crema Finance becomes one of the protocols on the Solana blockchain to be affected by a hack. In the early hours of July 3, the liquidity protocol alerted users of the suspension of all activity on the network due to the attack.
Besides regular downtimes, the Solana network has had it tough this year with the spate of attacks and flaws on the chain itself. The protocols built on it have suffered a lot. According to research by Atlas VPN, the Solana ecosystem experienced five cyber hacks in 2022 Q1 at the cost of $397 million. The Wormhole hack was the most serious since it resulted in a loss of $334 million. Also, this year, hackers hauled away over $52 million with the breach of Cashio, a Solana-based stablecoin project.
Currently trading at its August 2021 level, how has all of these influenced the SOL coin’s performance so far this year?
In the previous six months, the SOL coin has experienced a significant reduction in its price due to the overall slump of the bitcoin market and the successive downtimes and hacks/exploits on the Solana Chain. Spotted at an index price of $170 early this year, SOL’s price has been downward. Exchanging hands at $32.64 at the time of writing, SOL had its price decreased by 81% so far this year.
SOL, at press time, was placed number #9 on CoinMarketCap’s list of cryptocurrencies with the greatest market capitalisation. The market capitalisation of the SOL has suffered a decrease from $52.70 billion to $11.20 billion so far this year.
SOL price charts. Source: Santiment
In the previous 24 hours, the coin’s price achieved 0.09% in gains. Within this time, trade volume saw a 36.40% fall.
With increasing selling at the time of writing, the Relative Strength Index (RSI) of SOL was noted to hit lows at 40.84. On the other hand, the Money Flow Index (MFI) showed a spot at 47.86 at press time.
Delved into development
According to statistics from Santiment, the previous six months have been characterised by a fall in specific measures used to monitor the development of the SOL coin. For instance, developmental activity on the network took on a drop since the year began and was measured at 269 at press time. In fact, throughout the time under examination, this statistic registered an 83% reduction.
Moreover, at the same time, the proportion of the SOL retained by whales declined by 20%.
So far this year, the currency has only witnessed a surge in its social engagement in June. On June 20, its social dominance reached its highest level of 6.27%. Nonetheless, the measure was at 2.829% at the time of publication. On June 19, the social volume reached its highest level of 4,617. At the time of writing, the number was 1319.