After Receiving Positive Remarks from Ethereum Founder, Solana Now Back Above $10

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Editing by Nathaniel Cajuday

  • Ethereum Founder Vitalik Buterin tweeted last December 30 that there are “smart people” who told him that there is ”an earnest smart developer community in Solana.”
  • After tweeting this, the price of $SOL is up over 16% in the past 24 hours and trading at $11.95.
  • The last time that the price of $SOL has fallen below $10 was last November 2021. 

After sinking to a single-digit value last week, the value of Solana (SOL) has bounced back to more than $10, days after Ethereum founder Vitalik Buterin tweeted that there are “some smart people” who told him that “there is an earnest smart developer community in Solana.”

INFLUENTIAL. Buterin’s tweet gave a positive impact on $SOL.

In the same tweet, Buterin also expressed that “now that the awful opportunistic money people have been washed out, the chain has a bright future.” 

“Hard for me to tell from outside, but I hope the community gets its fair chance to thrive,” he added. 

Currently, the price of SOL is up over 16% in the past 24 hours and trading at $11.95, according to the data from CoinGecko.

The positive tweets of the Ethereum founder sent the value of SOL on an upward trend. The tweet was posted last Friday, December 30, and by Monday, January 2, it had rallied up as high as $11 and was still going upward at the time of writing.

TO THE MOON? $SOL now rising up.

SOL was formerly ranked fifth on the list of the largest cryptocurrencies by market cap in November 2022. But as of this writing, it is now in 18th place.

Recently, the value of Solana has fallen below $10 for the first time in almost two years—a 96% decrease from its all-time high trading value of $259.96 in November 2021. (Read more:  Solana Sinks Below $10 for First Time in Nearly Two Years)

The decline in the value of SOL was previously triggered by the fall of the former crypto exchange giant FTX. After crypto publication Coindesk revealed in an article about its unbalanced asset sheets and the push-and-pull deal with Binance, FTX then filed for bankruptcy. The former CEO and founder of the exchange, Sam Bankman-Fried, was a supporter of Solana and had invested in both the coin and its ecosystem. (Read more: What Happened? BlockFi Files for Bankruptcy Amid FTX Crypto Contagion)

Following this, two top non-fungible token (NFT) collections on the platform also left the platform and migrated to other blockchains. DeGods, which is currently the number 1 collection in Solanart, will be moving to Ethereum, and y00ts, the second top collection, will be moving to Polygon in the early first quarter of 2023. (Read more: Top Solana NFT Collections to Set Foot in Ethereum, Polygon by 2023)

This article is published on BitPinas: After Receiving Positive Remarks from Ethereum Founder, Solana Now Back Above $10

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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