• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22

What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

2023-09-21
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22

    Decentraland Hosts the First Metaverse Architecture Biennale

    2023-09-20

    A Step Towards Global Medical Metaverse Collaboration

    2023-09-18

    Shandong Province Aims for 10% of Global Metaverse Market by 2025

    2023-09-11

    The Future of Workspaces: Clockwise’s Metaverse Campus Unveiled

    2023-09-06
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08

    Your Guide to the Digital World of ENS Domains – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-04
  • Market Cap
CryptoNewsMetaverse
Home»Altcoins»Solana’s Dramatic Price Fall Makes Investors Question Its Future
Altcoins

Solana’s Dramatic Price Fall Makes Investors Question Its Future

2022-12-29No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

With the fall of crypto exchange FTX, Solana remains one of the most-impacted digital assets as of date. It seems there’s no bottom in sight for the SOL price which tanked by another 8% on Wednesday, December 28.

Amid the recent price correction, the SOL price has dropped under $10. Called once the Ethereum-killer, Solana has faced a staggering 75% price correction over the last eight weeks.

Solana’s close association with FTX’s disgraced founder Sam Bankman-Fried has put the cryptocurrency under major skepticism. The continuous drop in SOL price shows the rapidly waning investor confidence in the Etheruem-killer.

In an interview earlier this month, Anatoly Yakovenko, co-founder of Solana Labs Inc. said that he won’t comment on the SOL price movements. He added that his focus instead should be on “the technology and having people build something awesome that’s decentralized.”

FTX was holding a large quantity of SOL as reserves. However, as its native token FTX plummeted, the crypto exchange started selling its SOL holdings in heavy quantity putting pressure on its price. SBF was one of the close aids of Yakovenko and appeared alongside him at conferences and fire chats. Commenting on this Yakovenko said:

“I’m still trying to square what I perceive him to be and like what actually happened. It just feels really, really jarring.”

Will Solana Survive In 2023?

Amid the dramatic collapse in the price of Solana (SOL) over the last two months, many market experts have started questioning whether Solana will survive going into 2023. Yokavenko explained that only 4% of the projects built on Solana have been impacted by the FTX collapse.

He added that nearly 80% of the teams building projects on the Solana blockchain have no exposure to FTX at all. “There’s definitely more to Solana than FTX,” Yakovenko said. He also added that they are in touch with those impacted projects to help them with additional emergency capital.

FTX and Alameda’s venture arms had invested massively in Solana-based projects last year. Furthermore, FTX US also launched its first NFT marketplace on Solana last year. Alameda Research still has huge exposure to SOL. as the bankruptcy proceedings move ahead, Yokanvenko said that they still don’t have any clarity on what shall happen to these holdings.

But another co-founder Raj Gokal assured that “there’s no impact on the security of the network from things like the concentration of SOL tokens on Alameda’s balance sheet.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Dramatic fall future investors Price question Solanas
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SingularityNET (AGIX) Price Prediction 2023 2024 2025

2023-09-18

The Future of Workspaces: Clockwise’s Metaverse Campus Unveiled

2023-09-06

Arbitrum (ARB) Price Prediction 2023 2024 2025

2023-08-30

The Metaverse of the Future?

2023-08-30
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Crypto Analysts Predict Massive Breakout for Litecoin (LTC) After Years of Accumulation

2022-11-24

FTX and Tron Have Launched a Highly Suspicious Withdrawal Scheme

2022-11-10

Bank of Russia agrees to legalize crypto for cross-border payments: Report

2022-09-05

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22

What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

2023-09-21
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,274.000.28%
  • ethereumEthereum(ETH)$1,589.660.76%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.12%
  • binancecoinBNB(BNB)$210.721.08%
  • rippleXRP(XRP)$0.500.65%
  • usd-coinUSDC(USDC)$1.000.13%
  • Lido Staked EtherLido Staked Ether(STETH)$1,587.100.63%
  • cardanoCardano(ADA)$0.2463080.96%
  • dogecoinDogecoin(DOGE)$0.0609830.09%