Smart contract platform Solana (SOL) and other digital assets associated with it continue to freefall as a crypto exchange platform announces it’s going to delist them.
According to crypto reporter Colin Wu, crypto exchange Matrixport will delist SOL and its accompanying digital assets starting December 30th, a move that sent the already-ailing cryptocurrencies on another downswing.
Wu says that Matrixport will also not consider launching SOL products in the future.
“Matrixport, the asset management platform founded by Jihan Wu, announced that it will delist SOL and SOL-U dual-currency investment products on December 30, and will not launch new Solana products in the future.”
Solana is changing hands for $8.27 at time of writing, a 13% dip during the last day and a staggering 96% drop from its all-time high of $259.24 set in November 2021.
Other crypto assets affected include decentralized exchange (DEX) platform Serum (SRM) and automated market maker Raydium (RAY), which provides liquidity services for Serum, both of which are built on SOL.
SRM is valued at $0.121 at time of writing, a 6.7% drop on the day while RAY is moving for $0.135, a 5% decrease in the same time span. Both are down 99% from their all-time highs.
According to BitMEX founder and Bitcoin (BTC) maximalist Arthur Hayes, Solana still might be a worthy investment in the future despite being a “shitcoin” because mainstream financial media outlets are speaking out against it.
“Even though SOL is a complete and utter shitcoin, at some point it will be a buy if the mainstream financial press is dunking on it. Like on the top news section. Nothing ever goes up or down in a straight line.”
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