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Can Solana survive the collapse of the FTX crypto exchange

Can Solana survive the collapse of the FTX crypto exchange: opinions

The main event of November 2022 was the collapse of the FTX of famous American entrepreneur Sam Bankman-Fried. The event triggered a vortex of change in the crypto industry, in which projects closely related to the trading platform were among the first to fall. Solana, a startup, came under particular pressure. We tell you whether FTX-dependent projects can survive the collapse of the crypto exchange and whether solana price prediction 2040 is worth doing.

One of the projects that FTX, Alameda and Sam Beckman-Fried himself actively supported was Solana. The entrepreneur has repeatedly stated that the startup is worthy of world fame. In his opinion, Solana has every chance to compete with bitcoin. Also, the entrepreneur’s companies actively supported initiatives related to the project. For example, the cryptocurrency exchange was one of the first to announce the listing of Euro-stablecoin Circle on Solana blockchain.

Solana price history – can Solana survive

Many market participants think that the FTX crash will kill the project and will be the finale of Solana’s price history. For example, this view is shared by CNBC journalist Ran Neuner. Popular cryptoblogger Ben Armstrong agreed with the prediction. According to his observations, connections with Sam Bankman-Fried companies are “killing” cryptoprojects, and Solana will be no exception. That said, many in the crypto community believe that SOL will be the main “victim” of FTX. News about this was published on letizo.com.

“FTX has become to Solana what MtGox once was to bitcoin,” said Civic project founder Vinny Lingam, referring to the fall of BTC amid the 2014 hack of one of the largest crypto exchanges at the time. Mtgox.

Some in the cryptocurrency community believe that the collapse of FTX will not kill Solana. Considering that even Dogecoin’s historical price has a positive trend. As a confirmation of the position, network users recall that the crypto-industry has experienced many upheavals. For example, the hacking of MtGox did not kill bitcoin, and the theft of money from Ethereum’s DAO in 2016 did not destroy the project.

  • Market participants point out that Solana does not equal FTX.

  • The collapse of the crypto exchange, even considering the pressure on SOL due to close ties with the Bankman-Fried companies, will not kill the project.

To summarize

Opinions are divided among crypto-industry participants as to whether Solana can survive the collapse of FTX. Many believe that SOL’s days are numbered. Network users explain Solana’s negative outlook by saying that the project was too dependent on investments from the Bankman-Fried companies. Nevertheless, the same thing may happen to the Dogecoin price today USD.

Opponents of negative investors believe that the collapse of the FTX will not be able to destroy SOL. The authors of the positive forecasts are recalling that many projects have experienced similar crises and survived despite the pressure. At the same time, Solana supporters often cite not quite correct comparisons of SOL with Bitcoin and Ethereum.

BTC is significantly superior to both projects regarding decentralization. Ethereum, on the other hand, is more stable and reliable than Solana. So we can say that the value of SOL is much lower than the competitors to which it is “pegged” by the supporters of the project, which means that the coin has less chance of survival.