2022 has been a rather unfortunate year for the cryptocurrency ecosystem. While some giant crypto companies have declared bankruptcy, many companies are on the verge of bankruptcy. However, there were huge price losses in cryptocurrencies as well. Investors are questioning how some altcoin projects, especially Solana (SOL), will compensate for the massive losses they have experienced. However, Ethereum (ETH) founder Vitalik Buterin has been praising Solana. Here are the details…
Buterin tweeted support for this altcoin
Solana (SOL), once touted as the Ethereum killer, is now going through a very difficult time in the cryptocurrency markets. face to face. However, as the year 2023 approaches, it faces an existential crisis. The collapse of one of the world’s largest cryptocurrency exchanges, FTX, triggered a massive freefall in the price of SOL, which fell below $10 for the first time in two years. Also, SOL, which was once in the top 10 by market cap, is not even among the top 20 cryptocurrencies by market cap.
In 2022 alone, that year, SOL lost more than 96 percent of its price valuations. With market sentiment bottoming out for Solana, Ethereum co-founder Vitalik Buterin announced his support for Solana. In his post, Buterin wrote:
… It’s hard for me to tell from the outside, but I hope the community gets a fair chance to thrive.
Solana is still in troubled waters; Will I be able to respond?
The tweet has since activated an ongoing conversation between some of the industry’s most important figures. Bill Barhydt, CEO of crypto firm Abra, commented on Buterin’s post and urged other dApp developers and platformers to adopt Vitalik Biterin’s thought process. Similarly, BlockTower Capital CIO Ari Paul praised Buterin, saying his comments reflected Buterin’s enthusiasm to “compete on merit.” The collapse of FTX has affected the cryptocurrency market in many ways. Investors have withdrawn from cryptocurrencies and projects that pose a high risk to their investments.
Solana, one of the projects heavily supported by FTX founder Sam Bankman-Fried, as we also know as cryptokoin.com, received many negative comments following the FTX controversy. He reiterated many times that he was underestimated. He also made it clear that, both subjectively and objectively, Solana is superior to many other blockchains. Therefore, it was not surprising that the price of SOL fell by 30 percent after the collapse of FTX. Since then, Solana has received negative press from investors who have criticized the project’s credibility.