Web3 CEO Makes Mockery of Solana as It Drops Below Shiba Inu

• Two Solana-based NFTs announced migration to other chains within 48  hours.
• A Web3 CEO believes Solana’s current provides a potential opportunity for greatness.
• Before the FTX fiasco, Solana had a $13.5B market cap and traded above $37.5.

The CEO of MoralisWeb3 makes a mockery of the Solana (SOL) network as the blockchain project plunges further. The CEO laughed at Solana, saying it has lost its ranking, falling below even the meme Shiba Inu which is worth less than a penny.

MoralisWeb3 CEO, with the username IvanOnTech on Twitter, asserted that blockchain developers are uninterested in building on a dying infrastructure like Solana. However, he believes the current situation provides a potential opportunity for greatness.

The SOL blockchain has been in jeopardy since FTX’s bankruptcy was revealed, and the situation as two major NFT platforms announced their intention to migrate.

In the previous 48 hours, two Solana-based NFTs, Y00topia and DeGods, said they would be bridging to other chains, Ethereum and Polygon, in the first quarter of 2023. Both platforms jointly control over 25k NFT collections. However, DeGods noted that Ethereum is not its desired destination but a step in the right direction.

Solana was formerly one of the top ten largest cryptos by market cap, but it now ranks 16, with a market value of less than $5 billion. Coin Edition reported last month that FTX’s collapse wiped out over $8 billion of Solana’s market value.

Previously, Solana raised about $300 million in a private Initial Coin Offering (ICO) from several private investment companies, including Alameda Research. In return for participating in the fundraising round, Alameda earned a stake in a segment of SOL.