As of this writing, Solana is trading at $11.48 and hit a one-month low of $11.24 on Saturday. In addition, Solana has lost 97% of its total number of developers since January 2022, going from 2,453 to 75.
Block, one's EOS, once dubbed as "Ethereum on Steroids," also saw a similar decline in popularity. Its popularity soared after raising over $4 billion in the largest initial coin offering (ICO) of all time before launching in June 2018. However, the coin's value quickly dropped from $10 in June 2018 to $4.40 in late 2021.
Some believe that Solana's run-up in value was due to Alameda pumping it with FTX customers' funds. After the collapse of FTX, it is believed that holders will never see the same artificially high levels for Solana again. The coin has also faced issues with network outages, with ten partial or full outages and slow block times in 2022 alone.
However, others have pointed out that Solana has a strong NFT community on Twitter and has real-world projects in the works, such as the release of its mobile phone in 2023 and its partnership with Google Cloud.
Solana's Network Outages and Decline in Developers Raise Concerns
Solana (SOL) has faced a number of issues that have concerned investors and damaged the crypto's reputation. In 2022 alone, Solana suffered from ten partial or full outages, as well as slow block times. In addition, Solana has lost 97% of its total number of developers since January 2022, going from 2,453 to 75.
These issues, combined with Solana's recent decline in popularity, have led some experts to predict that the coin may go the way of EOS in the next crypto cycle. Block, one's EOS, once dubbed "Ethereum on Steroids," also saw a similar decline in popularity after launching in June 2018. Its value dropped from $10 in June 2018 to $4.40 in late 2021.
Despite these challenges, Solana still has a strong NFT community on Twitter and has real-world projects in the works, such as the release of its mobile phone in 2023 and its partnership with Google Cloud.
