Solana’s SOL token ends this not-so-pleasant week for the blockchain at 9.93% cheaper than its preliminary values. This consequence places SOL second from the tip within the listing of the highest 100 cryptocurrencies by weekly efficiency by CoinMarketCap.
It’s possible that such destructive worth motion of SOL was aggravated by the scenario with the hacking of wallets on the blockchain. As quickly because the information of the hacking of Solana wallets turned recognized, SOL dropped by 9%. On the identical time, Solana nonetheless ranks ninth within the top cryptocurrencies by market capitalization with an estimated worth of all circulating SOL tokens at $13.86 billion.
Solana’s good and unhealthy PR
All week there have been numerous speculations about what and the way, when ultimately the model that the Slope utility was responsible was presented. Because it turned out, Slope was storing the seed phrases from wallets on centralized servers. The top of Solana Labs, Andrei Yakovenko, commenting on the scenario stated that any consumer who at the very least as soon as imported their seed phrase into Slope might think about it compromised.
Sam Bankman-Fried, founding father of FTX and one of the distinguished figures within the crypto market in the meanwhile, additionally expressed his assist for the mission. In accordance with the entrepreneur, due to unhealthy PR Solana is essentially the most undervalued mission proper now, and the SOL token is essentially the most undervalued digital asset. He additionally stated that every other mission would break down the identical method if it tried to do what Solana does.
On the identical time, it might be mistaken to not discover that Sam Bankman-Fried along with his FTX and Alameda are immediately affiliated with Solana, and the entrepreneur’s feedback must be taken from that perspective.