SOL
by BSC News
December 29, 2022
Solana supporters aren't going down without a fight, even as the SOL coin's value dropped past the key $10 level, the lowest since February 2021.
As the Solana coin tumbled below the $10 mark, the blockchain’s online community is up in arms about the ecosystem’s travails, including blowback from the FTX/Alameda collapse and the departure of key projects.
The coin’s current price of $9.43 is the lowest mark since February 2021, according to CoinMarketCap data. $SOL is 96% from its all-time high of $260.06 in November 2021.
While the bad news seems to keep rolling in, Solana supporters are largely striking a defiant tone as they express their support for the blockchain.
Solana Co-Founder Raj Gokal compared bad actors to viruses that need to be eradicated.
Helium Foundation developer Noah said it’s not fair to criticize projects, including Solana, that received venture capital funds from Sam Bankman-Fried’s now-crumbled empire.
The account for Web3 infrastructure developer GenesysGo agreed, saying that VC funds were considered a badge of legitimacy for Solana projects as the chain was booming in 2021.
Step Finance Co-Founder George Harrap said good times will return someday.
Meanwhile, Grape Protocol DAO member Alex_Perts summed up the feelings of many Solana supporters in a meme.
Solana is a public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). The SOL token, which is native to Solana's blockchain, provides network security through staking as well as a means of transferring value.
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