Solana blockchain’s native token SOL’s price got a shot in the arm after Ethereum co-founder Vitalik Buterin’s tweet about Solana’s dev community, recovered 15% loss booked as on December 29th, 2022.
Amid the devastating impact of FTX’s collapse on Solana Buterin, addressed his understanding about Solana in a tweet: “Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.”
According to Bloomberg, the SOL price has plunged by 96% from its record-high of $261 (in November) to $10 amid hurt by TerraUSD led market turmoil, then added with FTX collapse. A day before, on December 28th, SOL price declined to as low as 12% due to panic, leading to large token’s holders to leave support.
Solana blockchain was strongly associated to Sam Bankman-Fried (SBF) led crypto exchange FTX, due to which SOL was often regarded as “Sam Coin”. Within a week of FTX filing for bankruptcy, SOL lost its 60% of market value due to its exposure to FTX.
As per media reports SBF’s twin companies FTX and its trading arm Alameda Research purchased a large quantity of SOL from its non-profit organization that supports blockchain, Solana Foundation and Solana Labs, its blockchain developer. Almost $543 million based on the present value of the crypto, an estimated 58 million SOL tokens were transacted in total.
In an interview with Bloomberg earlier this month, co-founder of Solana Labs Inc. Anatoly Yakovenko (who noted that he doesn’t track the price often), said that the primary focus must be “the technology and having people build something awesome that’s decentralized.”
As per media reports, Ethereum co-founder Buterin said “I’d recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem,”
“Much more signal than noise (especially in the Ethereum ecosystem) and the tech side is so much more exciting than the markets anyway,“ he added.
As reported by sources, the collapse of SBF’s crypto empire has impacted the entire crypto industry, both Solana and its founders. SOL’s value has plummeted sharply, shaking investor confidence in the platform. Its total market value fell from an estimated $80 billion and ended up with almost nothing.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/31/ethereum-co-founder-vitalik-buterins-tweet-made-eth-killer-solanas-day/