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Solana: Vitalik champions calls for SOL’s bright future but is it enough

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Solana: Vitalik champions calls for SOL’s bright future but is it enough

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  • Ethereum co-founder Vitalik Buterin said he believed that Solana’s future was bright.
  • SOL continued to plummet as Solana’s founder received praises for his doggedness.

The Solana [SOL] community has been subject to tantrums in recent times, as a large section of the ecosystem publicly opined that the once lively chain was now beyond redemption. Off the back of discouraging comments, Ethereum’s [ETH] co-founder, Vitalik Buterin, drummed up support for the scalable application’s blockchain. 


Read Solana’s [SOL] Price Prediction 2023-24


As far as the crypto community was concerned, it was unusual to expect such comments from Vitalik since Solana was once dubbed the “Ethereum killer.” But for the founder, Solana’s troubles were due to the opportunists that existed within its team. 

Buterin further disclosed that unverified information available to him suggested that they had been weeded out. This led to him advocating for the crypto community to give the project a fair chance instead of watching it go extinct.

Staying hardcore till the close

Also in Solana’s support was Chris Burniske, a blockchain infrastructure investor and former crypto lead at ARK Invest. According to Burniske, the Solana blockchain would surely revive.

He backed up his statement with a tweet suggesting that he longed SOL, and investors who were currently hesitating would bite their fingers in the future. 

Besides that, Burniske lauded Solana’s founder, Anatoly Yakovenko. He described Yakovenko as pragmatic and a visionary, willing enough to see out his ideologies. Burnikse also applauded the developers and validators, saying: 

“Yakovenko’s ideological commitment is what’s needed to lead a community through boom/bust cycles, which crypto endures every few years as the ecosystem speed runs history in a digital context.”

SOL’s challenges did not suddenly become over because of Vitalik’s backing. CoinMarketCap showed that the cryptocurrency was exchanging hands at $9.55 at press time. Additionally, Solana was no longer among the top 15 currencies in terms of market capitalization, as it dipped to $3.5 billion.


How many SOLs can you get for $1?


Let’s watch and talk through it

Discussions about Solana and its potential capabilities were still in high spirits. Data from Santiment revealed that the social dominance was 6.298% at the time of writing. In the early hours of 30 December, on-chain data showed that it was as high as 13.21%. 

Yet, the spike was most likely not grounds for excitement or hype. Although the hike suggested increased conversations, it presumably pointed to SOL’s fall off. The same could be said for its social volume, which increased to 2173 on the aforementioned date. But it had dropped to 142 at the time of writing.

Solana social dominance and volume

Source: Santiment

Meanwhile, Vitalik had been getting cheers for his quick action to quell the Solana FUD. Ari Paul, the founder of BlockTower Capital, was one of those who heeded the Ethereum founder’s request.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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