Vitalik says Solana has a bright future
The Ethereum co-founder Vitalik supported the Solana (Sol) Crypto project as a future’ bright project.
Solana is a popular Proof-of-stake (PoS) blockchain network and is popularly known for its ability to process high-scale Crypto transactions with the help of Proof-of-history (PoH) protocol. All time low of Sol, a native coin on the Solana network, was ~$0.5 and the all-time high was ~$260. The current price of the Sol coin is $9.16, which means this coin is 96.5% down from its all-time high.
In the last 24 hours, the low trade price of this coin was $8.14 and the high was $10.02. The sudden bump in the Sol price can be seen in the price graph, where Sol surged by ~23% but failed to gain stability.
The credit for this sudden increment goes to Vitalik Buterin, co-founder of the Ethereum blockchain. On 30 Dec, Vitalik Buterin took to Twitter to share his opinion on the Solana project and said that devs in the Solana project are honest & smart and also the majority of the big money makers are now out of this project, so now this project has a bright future.
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.
— vitalik.eth (@VitalikButerin) December 29, 2022
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive
FTX & Solana project downfall
Sam Bankman-Fried (SBF), the co-founder of the FTX exchange, was one of the big investors in the Sol coin and also he promoted the Solana project with his FTX exchange as a VC. SBF also marketed the Solana project through its digital assets trading platform Alameda Research. The bankruptcy of the FTX exchange along with the majority of its affiliate companies, resulted in a big negative situation for the Solana project. Few reports noted that FTX & Alameda tried to maintain their financial position via selling high amounts of holding crypto assets, Including Sol coin.
Read also: Former FTX CEO SBF likely to enter plea deal: Report
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