The price of embattled cryptocurrency Solana (SOL) has shot up by over 11% over the past 24 hours, per CoinGecko. The New Year price bump has seen the cryptocurrency reclaim $11 after several days trading below double-digits.
The news follows a show of support from Ethereum founder Vitalik Buterin, who tweeted last week that “smart people” have told him there is an “earnest smart developer community in Solana,” and that the chain has “a bright future” now that “the awful opportunistic money people have been washed out.” Buterin added that he hopes the Solana community “gets its fair chance to thrive.”
However, Solana’s New Year pump hasn’t canceled out the battering the would-be “Ethereum killer” has taken over recent months.
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🦾🦾
The cryptocurrency is down nearly 20% in the past month and has lost over 95% of its value since reaching an all-time high of nearly $260 in November 2021.
SOL slid from fifth place on the list of largest cryptocurrencies by market cap in November 2022 to 19th at the time of writing; earlier this month it briefly slipped out of the top 20.
Contagion from the collapse of crypto exchange FTX likely accounts for a large part of Solana’s recent price woes; in November the Solana Foundation shared details of its financial entanglement with the now-bankrupt exchange and its sister firm Alameda Research.
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Solana has had a year of amazing growth—but also multiple network outages. Co-founder Anatoly Yakovenko joined Dan Roberts and Stacy Elliott on the gm podcast to talk about the outages, what's next for Solana at its upcoming Breakpoint event, how it competes with Ethereum, how long he expects the bear market to last, what's happening with NFTs on Solana, and much more. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
Most major cryptocurrencies are down significantly over the past week amid the destruction of popular exchange FTX, but Solana (SOL) has taken a tougher pounding than most, apparently exacerbated by ties to FTX and founder Sam Bankman-Fried. Today, the Solana Foundation detailed the extent of its financial links to the crumbling FTX empire.
In a blog post, the Solana Foundation said that it had approximately $1 million worth of cash or equivalent assets on FTX as of November 6, before the site s...
DeGods, a popular NFTs collection that utilizes the Solana network, is set to migrate to the Ethereum ecosystem in the first quarter of this year.
In addition, another popular NFT project, yOOts, is set to move to Polygon, an Ethereum-based Layer-1 network.
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The share prices of crypto-focused companies jumped this week amid the wider market upturn that sent Bitcoin to multiple all-time highs and despite a lull on Friday in equity indexes.
Coinbase and Strategy both rose about 9% and 12%, respectively, over the past five days, according to Yahoo Finance data. Stock and crypto trading platform Robinhood climbed 5%. The stock prices of major Bitcoin miners also spiked with MARA Holdings soaring about 12%.
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Consumer products company Upexi is bolstering its Solana treasury, raising $200 million to fund business operations as well as further SOL purchases, it announced on Friday.
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