Crypto Executive Reveals State of Solana Post-FTX Collapse, Comments on Dogecoin Rival BONK

In a brand new Bloomberg interview, the top of technique and communications at Solana Basis, Austin Federa, says its new Dogecoin (DOGE) rival Bonk (BONK) is fostering a robust neighborhood as lively addresses on the Solana good contract platform are up.

“The final half of this 12 months has been a troublesome one for the worldwide crypto neighborhood and for some customers on Solana as nicely. I feel whenever you’re BONK you’re individuals having enjoyable with blockchain once more. It’s a meme coin that bought airdropped to individuals, to hundreds and hundreds of wallets on the ecosystem, and it’s one thing that the neighborhood has galvanized behind and been in a position to dig into and actually discover a variety of enjoyable in it.

Memes are enjoyable. However memes are additionally a proxy for neighborhood. And one of many utilities of crypto that’s usually neglected is that it’s a system for galvanizing neighborhood. And so the joy round BONK is on one degree, sure, it’s a meme, sure, it doesn’t really particularly do one thing, however it’s a token of neighborhood and particularly after an ecosystem that’s been by a tough few months.”

BONK is altering palms at $0.00000135 at time of writing.

The value of Solana noticed a large lower after Alameda Analysis, the buying and selling department of FTX and a big holder of SOL, went bankrupt together with its mother or father firm final 12 months, leaving the way forward for SOL unclear.

SOL went from a worth of $36.72 in November 2022 all the way in which all the way down to $9.60 in December, a 74% drop. It has since recovered and is altering palms for $23.27 at time of writing.

Federa says the Solana blockchain venture is stronger now than it was earlier than the FTX collapse.

“In the event you look in the beginning of November, a variety of the headlines have been doom and gloom for the Solana community. And what we’ve actually seen since then, we’re about what two months out from that preliminary information is lively addresses are up extra persons are utilizing the community than have been earlier than. There are literally extra validators on the community than earlier than FTX collapsed.

We’ve seen the neighborhood and builders all world wide actually come collectively and substitute the elements of the ecosystem that had FTX involvement after which increase from there. In the event you have a look at lively addresses every day, Solana is larger than all different blockchains at this level.”
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