SOL

Solana Community in Uproar as $SOL Freefalls Past $10

Solana supporters aren't going down without a fight, even as the SOL coin's value dropped past the key $10 level, the lowest since February 2021.

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December 29, 2022

Solana Coin Lowest Since February 2021

As the Solana coin tumbled below the $10 mark, the blockchain’s online community is up in arms about the ecosystem’s travails, including blowback from the FTX/Alameda collapse and the departure of key projects.

The coin’s current price of $9.43 is the lowest mark since February 2021, according to CoinMarketCap data. $SOL is 96% from its all-time high of $260.06 in November 2021.

While the bad news seems to keep rolling in, Solana supporters are largely striking a defiant tone as they express their support for the blockchain.

Solana Co-Founder Raj Gokal compared bad actors to viruses that need to be eradicated.

past couple years, solana's otherwise passionate community was infected mercenaries and grifters. like a bad virus, they needed to be killed.

fevers are painful, but you're glad when they break quickly.

every bad actor washing out of this ecosystem makes it more decentralized.
— raj (@rajgokal) December 29, 2022

Helium Foundation developer Noah said it’s not fair to criticize projects, including Solana, that received venture capital funds from Sam Bankman-Fried’s now-crumbled empire.

Lot of people shitting on projects (including Solana) that took investment from Alameda. Stop. Fact is, nobody knew what FTX was doing. Everyone thought they were legit. Probably most of these projects were hoping that Alameda could help them get their token listed on FTX and mm
— Noah (@redacted_noah) December 29, 2022

The account for Web3 infrastructure developer GenesysGo agreed, saying that VC funds were considered a badge of legitimacy for Solana projects as the chain was booming in 2021.

Sh*tting on builders for taking investments from VCs is disingenuous.
In 2021 whether a project was considered "legit" or not on #Solana was totally dependent on who was on your "VC partner" slide.
Also, don't forget that end users viewed Alameda being on that list as S-tier. https://t.co/U2C3bGvx2e
— GenesysGo (@GenesysGo) December 29, 2022

Step Finance Co-Founder George Harrap said good times will return someday.

psssst

hey kid

its oke. dw

ppl will come again for the internet money

just focus on being better each day pic.twitter.com/bmcU1tz6ah
— George Harrap ☀️ (@George_harrap) December 29, 2022

Meanwhile, Grape Protocol DAO member Alex_Perts summed up the feelings of many Solana supporters in a meme.

'For solana..'
(This meme is from @grapeprotocol user stonpoka ❤️) pic.twitter.com/5LDsKz2Hkr
— AlexPerts.s🟠l 🎒 🇬🇷 (@Alex_Perts) December 29, 2022

What is Solana:

Solana is a public, open-source blockchain that allows for smart contracts, non-fungible tokens (NFTs), and various decentralized applications (dApps). The SOL token, which is native to Solana's blockchain, provides network security through staking as well as a means of transferring value.