Solana down over 8%: Here's why the popular crypto token is crashing

The crypto token Solana is down 8.23 per cent over the last 24 hours. Sellers dominated the trading of the cryptocurrency, with trading volume going up 55.76 per cent to $1,712,375,342 in the past few hours, as per data from CoinMarketCap.

Experts advise Solana investors to revoke third party permissions on their crypto wallets. Ashish Singhal, co-founder of the crypto exchange CoinSwitch and former co-chair of the crypto industry body Blockchain and Crypto Assets Council of India (BACC), said, “If you use non-custodial wallets, you should revoke access to third-party apps until Solana and wallet providers like Phantom fix this.”

Experts also say that investors should move their cryptocurrencies away from hot wallets.

Smit Khakhkhar, Tech Diligence at the crypto-focused VC firm, Delta Blockchain Fund, told Business Today, “In the ongoing exploit, users should move their crypto holdings to cold wallets from hot wallets.”

In the crypto world, hot wallets refer to cryptocurrency wallets which are frequently connected to the internet. Their accessibility to the internet makes them more vulnerable to hacks and exploits.

On the other hand, cold wallets refer to wallets which are often hardware wallets and are not frequently connected to the internet.

Solana is currently trading at $38.24,  with a live market cap of $13,471,776,290.

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