Solana's SOL token has been hit hard this week amid a sell-off across crypto markets triggered by the collapse of Sam Bankman-Fried’s business empire, and the volatility has sparked a debate over Solana’s future. _jocelynyang_ reports.
SOL's price had tumbled to a record low earlier this week of around $12 and then surged 26% to as high as $19 on Thursday.
The SOL token’s recent price movements were tied to speculation about Solana’s close connection with Alameda Research, a trading firm that was founded by Bankman-Fried. SOL was, according to Riyad Carey, a research analyst at crypto data firm Kaiko. He contrasted Solana with other blockchain projects where development is funded primarily by venture capitalists.
Marius Ciubotariu, a core contributor to Hubble Protocol and Kamino Finance on the Solana ecosystem, said, “Just as we saw with Ethereum and ETH in 2018, this current shakeout will purge Solana of pure price speculators and ensure that only those that are dedicated to the ecosystem are part of the next big wave of innovation and growth.”
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