SOL - Why Solana Cardano and Polkadot Plunged Today
The cryptocurrency industry is having a rough day as nearly every asset is down double digits or more. Some of the smaller utility tokens are down big even after bouncing off their lows in the last few hours.
As of 2 p.m. ET, over the last 24 hours, Solana (CRYPTO: SOL) is down 15.2%, Cardano (CRYPTO: ADA) has fallen 10.4%, and Polkadot (CRYPTO: DOT) has dropped 10.4%.
The biggest news today is that the Celsius Network, which is a decentralized finance application, has frozen transfers and withdrawals because of market volatility. That's caused a panic in the market because users can't sell out of positions and can't even pay off loans that may be out on the platform.
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Why Solana, Cardano, and Polkadot Plunged Today