Is Solana Dead? Here are the Facts Pushing SOL to Ground

This has been a challenging year for the Solana ecosystem.
The network’s reputation has been tarnished due to problems with its protocol and collaborations, which have caused periodic outages.
After 2023, the DeGods and Y00ts NFT art projects will move to new blockchains.

In general, cryptocurrencies had a difficult 2022. The situation for Solana (SOL) hasn’t been great, and because Alameda Research held a significant amount of tokens in the Solana ecosystem, the situation only worsened in the aftermath of the FTX crash. A single SOL token’s value dropped from $ 35 to $11, or roughly two-thirds of its original value, in just four days.

On its balance sheet, FTX reported $982 million worth of SOL tokens. The exchange’s debts totaled $8.9 billion just before it went bust. When the platform needed money, former CEO Sam Bankman Fried (SBF) released a financial statement to investors.

The Solana Foundation reported holding about $1 million in cash and equivalents. FTX/Alameda-related assets posed a risk to the Solana Foundation as of 11/14/22. There were a total of 134.54 million SRM tokens, 3.43 million FTT tokens, and 3.24 million FTX Trading LTD common stock shares.

The FTT was worth $83 million and the SRM was worth $107 million the day before FTX filed for bankruptcy. At the time of this writing, the asset value was $3.17 million and the market value was $20 million.

Andrew, the founder of X3, recently tweeted that Solana has been discontinued and that anyone still holding on to the AWS-based vaporware developed by Sam-Fried Bankman should be disregarded. Furthermore, he forecasted that within three months, the price of SOL would fall to less than $5. He went on to say that the SBF will always be associated with bad things.

Twitter users generally seem to disagree with him. There are those who are pessimistic about the crypto project, but those who have seen the quality of the work and the commitment of the team are optimistic.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.