FTX Is Dead, Solana Is Not: SOL Sees Positive Volatility As Community Concurs Sam Bankman-Fried 'Is Not Solana'

FTX Is Dead, Solana Is Not: SOL Sees Positive Volatility As Community Concurs Sam Bankman-Fried 'Is Not Solana'

Solana SOL/USD rallied as much as 25% earlier today, though overall market volatility resulted in the coin falling into the loss territory instead.

Some in the community claim that despite the crypto's strong ties with Sam Bankman Fried — the founder and former CEO of FTX, the cryptocurrency exchange that filed for bankruptcy earlier today — this protocol has a bright future.

Read Also: FTX, FTX US, Alameda Research File For Bankruptcy: Cryptocurrencies Plummet

What Happened: Market data showed earlier today that Solana still is capable of strong upwards market movements. Cryptocurrency influencer Ben Armstrong — known also as Bitboy Crypto — said in a Twitter thread today that "Sam [Bankman Fried] was certainly a huge investor and proponent of Solana, but HE was not Solana." For this reason, he expects that "in the short term this situation is going to put a hurt on it" but it "is not dead" since it is home to "a decent amount of users, projects" and NFT communities. Those people, he added: "Are good people who aren’t going to give up."

Armstrong said Solana particularly enjoyed many investments by venture capital funds during the last market cycle and and "without that money artificially pumping it, Solana will have to go back to old-fashioned utility to get people excited again."

Still, he said that if the team focuses on this, Solana will survive, "but it will be a long road back to legitimacy."

Read Also: FTX US Stops Processing Withdrawals, 1 Day After Bankman-Fried Says Company Is 100% Liquid

Photo: Shutterstock

 

Posted In: FTXSam Bankman-FriedCryptocurrencyTop StoriesAfter-Hours CenterMarkets

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