- Solana is trading at $11.48 and hit a one-month low on Saturday when it was trading at $11.24.
- Solana has also lost 97% of its total number of developers since January.
- Many believe SOL bears resemblance to EOS in the way both the coins were initially hyped by venture capitals.
Solana (SOL) which once was among the top 15 cryptocurrencies in terms of trading has slowly lost its luster and now experts predict it might go the EOS way and be forgotten in the next cycle.
As of this writing, Solana is trading at $11.48 and hit a one-month low on Saturday when it was trading at $11.24. Solana has also lost 97% of its total number of developers since January 2022, from 2,453 at the beginning of the year to 75 now.
Block.one’s EOS which was once dubbed as “Ethereum on Steroids” also had a similar fate. Its popularity commenced when it had raised over $4 billion in the biggest ICO of all time before launching in June 2018.
However the coin soon lost its relevance from $10 in June 2018 to $4.40 in late 2021.
As for Solana, people believe the coin’s run up was due to Alameda pumping it with FTX customers’ funds. After the FTX collapse, it is believed that the holders will never see such unnatural height levels. Many believe the coin bears resemblance to EOS in the way both the coins were initially hyped by venture capitals.
Solana network’s outages is one issue that has been pestering investors and giving the crypto a bad reputation. Note that in 2022 alone, Solana suffered from ten partial or full outages along with slow block times.
However, others have also pointed out the ‘positive difference’ between EOS and SOL, as the latter has a strong NFT community on Twitter and will continue to have so.
If SOL’s NFT space is not enough, one might want to consider how the under-performing crypto coin has real-world projects lined -up with Solana’s mobile phone going live in 2023 and not to miss its engagement with Google Cloud.
So will Solana take the EOS way, only time can tell.
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