- Meme coin minimalist Evan Van Ness states bidding SOL is not a value bet.
- Ness stated that every day Solana is getting flipped by some other altcoin.
- Solana took a hard punch after SBF’s fall.
Meme coin minimalist Evan Van Ness recently released a slew of tweets about Solana. Ness was speaking about the downfall of SOL after the fall of the FTX exchange. He stressed the fact that if users think that bidding SOL is a value bet, then they are just exiting liquidity for the multicoin LPs.
Ness also reminded the community that SOL was worth a couple of bucks before SBF started bidding it up using stolen money. He also continued that it was only worth a buck since all the investors were locked up.
The analyst also emphasized Solana’s fall since SOL dropped out of the top ten altcoins in terms of market cap. SOL was dethroned by several alts, including AVAX, SHIB, LTC, DOT, TRON, etc. Solana is currently standing at the 18th rank in terms of global market cap.
Solana has been going through a rough patch since the fall of FTX. The recent issues have pushed top Solana NFT projects like DeGods and y00ts to Ethereum and Polygon. The collections were introduced on Solana in October 2021, and the team has now announced their departure from the blockchain.
Ethereum co-founder Vitalik Buterin recently commented about Solana. He tweeted that some smart people informed him about a smart developer community in Solana. Buterin mentioned that since the awful opportunistic money people like SBF have now exited, the chain will probably have a bright future. However, he also hopes the community gets a fair chance to thrive.
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