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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Six of the top eight cryptocurrencies by market cap have seen modest gains Tuesday morning, with crypto majors led by Dogecoin and Cardano (ADA) notching gains of up to 5.2% and 5.9% each.
Data on CoinGecko also shows green over the past 24 hours across Bitcoin, Ethereum, BNB, and Solana. Charts show Bitcoin gaining 2.5%, Ethereum up 3.7%, with BNB and Solana up 2.5% and 3.3% respectively.
Notably, some $1 million in bearish Bitcoin options, with 1,180 contracts for $70K put options, was sighte...
The price of Bitcoin fell to a two-week low on Monday before recovering some losses, as other major cryptocurrencies also seesawed two days ahead of U.S. President Donald Trump’s deadline to impose steep tariffs.
The leading digital asset edged up 1% to $83,465, according to crypto data provider CoinGecko. Ethereum, the second largest crypto by market capitalization, rose 1.1% to about $1,840, while Solana, the sixth largest, climbed 1.4% to over $125.
The upturn comes as investors look toward A...
Japan’s biggest Bitcoin treasury company, Metaplanet, has issued more debt to buy the cryptocurrency.
The firm, which trades on the Tokyo Stock Exchange, said Monday that it had issued a two billion yen ($13.3 million) zero-coupon ordinary bond to fund more Bitcoin buys.
Metaplanet CEO Simon Gerovich made the announcement on X, saying the company—which is also an investment firm that owns a hotel—was “buying the dip.”
押し目買い！Buying the dip! https://t.co/nOIQrAveap
— Simon Gerovich (@gerovich)...
