Solana (SOL), one of Ethereum’s (ETH) biggest competitors, has more than doubled in price since it collapsed to $8.30.
SOL’s local low of $8.30 marked a nearly 97% drop from its all-time highs, and created uncertainty surrounding the future of Solana.
Solana Labs and the Solana Foundation both had exposure to FTX, and the close ties between the organizations put significant sell pressure on SOL.
At time of writing, however, SOL is up 103% in less than two weeks, currently changing hands at $16.91. Earlier today, SOL hit $17.37, a 109% gain from $8.30.
The Solana ecosystem is generally seeing improved sentiment, as its own Dogecoin (DOGE) competitor makes waves through the markets.
Bonk Coin (BONK) is a meme coin built for the Solana community to re-energize itself following the collapse of FTX and its subsequent effect on SOL. 50% of the total supply of BONK tokens was airdropped to Solana holders, and at time of writing, BONK has a market cap of $51 million.
BONK launched at a price of $0.000000086142 and exploded to a high of $0.00000439 on Thursday, a massive 4,838% gain that vastly outperformed DOGE and Shiba Inu (SHIB). BONK has since cooled off and corrected over 67% at time of writing.
Yesterday, Solana Foundation experienced technical difficulties and announced that RPC (remote procedure call) endpoints weren’t working because of a bug found in 1.14. Solana Status, a Twitter page giving updates on the blockchain said that block production and the Solana network were not affected but advised switching back to version 1.13.
Generated Image: Midjourney
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