Solana price rises sharply after this tweet from Ethereum founder

Solana (SOL) continues to take a beating as the bear market drags not only the token through the mud, but also the necessary infrastructure. The network turned out to be closely associated with FTX and Alameda Research, but now this financial artery is gone. Ethereum co-founder Vitalik Buterin gives mental support to the community.

Ethereum Founder Supports Solana

He writes on Twitter that the community of developers for Solana is very smart. He also hopes that the popular blockchain will have a strong future now that the ‘opportunistic money people’ have left. It’s no secret that Buterin doesn’t care much about the returns you can get from cryptocurrencies.

Earlier this month, for example, he called for less attention to the price and more to the development of the technology. He also mentioned between nose and lips last May that he is no longer a billionaire. Of course, he owns a good amount of ether (ETH), as well as the necessary other tokens. All in all, it is clear that he is more interested in the technique than in making money from it. It is admirable that he wants to give ‘competing’ blockchains like Solana a chance.

After the tweet, Solana’s share price immediately jumped by about 25%. The price has since fallen again and has thus returned more than half of last night’s profit.

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Solana in distress

Solana has been through a lot. Due to the problems at FTX and Alameda, the trading volume on the DeFi platforms Serum and Solend, built on Solana, collapsed hard, so that you suddenly wrapped tokens under which Bitcoin could buy at a huge discount.

The fire seems to be spreading now. The two largest NFT projects on Solana are moving to other blockchains, although recent problems have not been cited as a reason. The effects of the criticism are also noticeable in the on-chain data.

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