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Fortune

Jeff John Roberts

Solano, Cardano and Polygon plunge nearly 30% as big firms dump holdings after SEC allegations

SEC Cardano Polygon Cumberland Solana Crypto Ethereum Robinhood

(Credit: Illustration by Fortune)

The price of tokens tied to some of the best known blockchains plummeted on Friday days after the Securities and Exchange Commission declared them to be securities in complaints filed against Bitcoin and Ethereum experienced only minor dips, other well known crypto projects took a beating.

As of Sunday evening, the price of Solana's SOL token was down nearly 30% over seven days, while Polygon's MATIC token and Cardano's ADA were down 28% and 29.5% over the same period.

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