KryptoCurrency

November 23, 2024
Crypto

‘Hang in there’ — Crypto Twitter encourages Solana community amid FTX onslaught

By akohad Nov11,2022

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With Solana (SOL) being heavily affected by the FTX debacle, Crypto Twitter expressed sympathy and hopes that its community can make a comeback. 

Being one of many coins that FTX CEO Sam Bankman-Fried (SBF) supported, SOL has been hit heavily amid the FTX collapse. On Nov. 10, the total value locked on the Solana chain has fallen by 32.4%. The SOL token lost almost half of its value, dropping in value from $38 on Nov. 5 to $17 at the time of writing.

Because of the devastating things happening to Solana, crypto community members took to Twitter to offer encouragement to those within the Solana ecosystem. In a tweet, David Hoffman, the co-founder of content studio Bankless, wished luck to the Solana community, hoping that this will be their $80 Ether (ETH) moment. Hoffman also mentioned that there is a “strong and committed community” waiting on the other side of the devastating event.

Polygon co-founder Sandeep Nailwal encouraged Solana supporters to keep building. Nailwal noted that there are good people in Solana who did nothing wrong but are facing the brunt of the current situation. The Polygon co-founder also highlighted that despite the differences, “we are all brothers and sisters of the same community.”

Nicholas Chen, the co-founder of blockchain explorer Solana FM, also offered his words of support for the community. As a member of the Solana ecosystem, Chen mentioned that despite this being the third cycle where he experienced what he describes as “death,” this one is different from the others. While “emotions of eternal doom” may discourage many, he urged community members to “hang in there.”

Related: FTX’s ongoing saga: Everything that’s happened until now

Through the chaos that hit the community, Solana co-founder Raj Gokal offered a very positive prediction for those building their products on the platform. According to Gokal, Q1 will be their “time to shine,” where they will show the power of their community.

Meanwhile, as the FTX saga continues to cause market turmoil, the broader crypto community has also been affected, with asset prices experiencing massive drops. Despite the fear, uncertainty and doubts within the industry, many members of the community remain positive that Bitcoin (BTC) and crypto are here to stay.