Why Solana, Dogecoin, and The Sandbox Dropped on Wednesday
Just when it seemed the crypto market was hitting a bottom, the value of some of the most well-known tokens on the market dropped again on Wednesday. There wasn't earth-shattering news, but some instability and potentially large sellers in the market are leading to the drop.
Solana's (CRYPTO: SOL) was the most notable move, falling 6.8% as of 1:20 p.m. ET. The token dropped below $10 briefly and is now down 16.6% in the last week. Dogecoin (CRYPTO: DOGE) was down 3% over the last 24 hours and The Sandbox (CRYPTO: SAND) was down 4.6%.
The news from FTX continues to come out, including today's news that Sam Bankman-Fried borrowed money from Alameda Research to buy shares of Robinhood Markets. That's one of the most valuable pieces of collateral in FTX's bankruptcy proceedings and there will likely be a fight over the 7.6% stake in the online broker.
Source Fool.com
