I wasn’t even planning to put in writing this text, however when Solana dropped 10% in a day, sparking panic, it grew to become clear we have to break it down. Is that this an precise disaster, or simply one other overreaction in crypto? Let’s have a look at the details and separate concern from actuality.
Solana was holding robust towards Bitcoin — till it hit a serious assist degree and broke. If it doesn’t bounce again shortly, there isn’t a lot stopping it from going decrease. That’s why merchants are nervous.
Some are even evaluating this to the FTX collapse, however let’s be actual:
FTX was a catastrophe as a result of Solana relied closely on it.Again then, the ecosystem was tiny, and improvement was simply getting began.At present, Solana is among the busiest networks, with hundreds of thousands of lively customers and real-world adoption.
So, no — it’s not the identical as FTX. That is short-term panic, not a elementary failure.
Take a look at my article on how Argentina’s crypto scandal performed a serious position: https://wire.insiderfinance.io/argentinas-crypto-scandal-here-s-what-i-discovered-e010a003fb74
It’s not Solana’s expertise that’s the difficulty — it’s what folks have been constructing on it.
Meme cash began out enjoyable, however insiders took…
