Solana (SOL) and Dogecoin (DOGE) Suffer a New Wave of Losses as Snowfall Protocol (SNW) Jumps 32% In a Single Day

The FTX collapse created ripples across the crypto industry, the effects of which are still apparent. Whether it was putting hard brakes on the rising Solana (SOL) or further dragging down Dogecoin (DOGE), investors are still reeling under the blowback from the FTX bankruptcy. 

It has also directed investors to Snowfall Protocol (SNW), which is growing fast even in a bullish crypto market. Let’s find out what factors are pulling down or pushing up these cryptocurrencies.

Solana (SOL) is Paying for FTX Support

Solana (SOL) blockchain had shown a lot of promise to its investors. It supported smart contracts that included non-fungible tokens. It pitted itself against Ethereum by promising higher transaction speeds at a lower cost. However, the collapse of FTX hit Solana (SOL) hard. Sam Bankman-Fried, the unpopular owner of FTX who is undergoing a criminal investigation, was all praises for Solana. Not to mention, the $100 million of Solana (SOL) tokens on the FTX balance sheet.

The price of Solana (SOL) fell by more than 50% after FTX declared bankruptcy in November. So, the Solana (SOL) token has fallen overall by 94.2% in 2022 alone. In fact, Bankman-Fried had created a decentralized token on the Solana (SOL) blockchain named Serum. With the fall of Solana (SOL) and FTX, Serum has also taken a nosedive to fall by more than 80%.

Dogecoin is Under Selling Pressure

While the markets are experiencing a bullish lead, the environment is different for sellers. The chances of bearish resistance for Dogecoin are growing. The selling momentum for Dogecoin has been increasing as investors try to get rid of crypto. The bull run that Dogecoin recently experienced has ended. Dogecoin is now in a downfall. Investors don’t expect it to make a strong turnaround anytime soon.

Dogecoin was a meme coin that climbed the popularity charts with Elon Musk’s tweet. Since then, Dogecoin prices have been moving with news about Elon Musk and his tweets about the coin. The high volatility has decreased the desirability for Dogecoin.

Snowfall Protocol (SNW)

Snowfall Protocol (SNW) became one of the biggest newsmakers at the lag end of 2022. In a time when cryptocurrencies were scrambling to retain some value, Snowfall Protocol (SNW) was creating 3-digit returns for its early investors. Such was the impact of its successful presale that the coin was completely sold out in stage 2 of the sale, and it had to be closed a day early.

Snowfall Protocol (SNW) has continued its high-return story. In stage 3 of the sale, Snowfall Protocol (SNW) jumped in value by 32% in just one day. This excludes the staking and yield opportunities it has offered its investors.

Experts of the crypto market are pegging it as the most successful currency of 2023. They predict returns to investors in the bracket of 1000% to 5000%. Given its one-day jumps in a bear market, such returns can be easily realized.

Website: https://snowfallprotocol.io

Telegram: https://t.me/snowfallcoin

Presale: https://presale.snowfallprotocol.io

Twitter: https://twitter.com/snowfallcoin