Solana (SOL) Price Plunges 96%, Vitalik Buterin Still Bullish on Future
• Ethereum-killer Solana (SOL) has experienced a major correction in price, dropping more than 96% since the beginning of 2022.
• The massive price drop was triggered after the implosion of the crypto exchange FTX, which had invested in a number of Solana-based projects.
• Despite the market correction, Ethereum co-founder Vitalik Buterin believes that Solana has a bright future.
The year 2022 has been a tumultuous one for the crypto market, with massive price corrections causing many investors to lose a lot of money. One of the worst affected cryptos has been Ethereum-killer Solana (SOL), which has seen its price drop more than 96% since the start of the year.
The major correction in Solana (SOL) price was triggered after the implosion of the crypto exchange FTX last month. FTX and its sister trading firm Alameda Research had invested heavily in a number of Solana-based projects, and were in the process of building a decentralized finance (DeFi) platform called Serum. Additionally, FTX US had also planned to launch a Solana-based token, however, these plans had to be cancelled due to the market crash.
The price of SOL has tanked further and is now trading at $9.38 levels with a market cap of $3.4 billion. This has resulted in Solana dropping out of the top 20 crypto list, however, it has partially recovered since then. Despite the bearish market conditions, Ethereum co-founder Vitalik Buterin still believes that Solana has a bright future.
Buterin has stated that Solana has the potential to become a major player in the crypto market and that its technology is one of the best in the industry. He has also praised the team behind the project for their work, stating that they are committed to improving the protocol and making it more secure and scalable.
As the crypto market continues to be volatile, it remains to be seen how Solana (SOL) will perform in the future. However, with the backing of one of the biggest names in the industry and its innovative technology, there is no doubt that the project will continue to grow and thrive.