The prices of crypto went crazy in the last few days. After the first trial of FTX CEO Sam Bankman Fried and the potential relaunch of FTX 2.0, speculators are doing what they do best, speculate.
What Happened if You Bought SOL Before the FTX Downfall?
Solana, backed by FTX and the so-called Ethereum killer or ETH of the new cycle is knowing quite a price action. Despite all the drama, composting, and the harsh crypto winter, investors who drowned in losses will find themselves up on their SOL trade, even if they invested before the FTX collapse. This impressive performance, even in the face of adversity, underscores the resilience and potential of Solana.
How is Solana Performing Compared to Ethereum?
In a notable development, the number of new addresses on Solana has surpassed those on Ethereum. This is a significant milestone, according to some, given Ethereum’s dominance in the blockchain space. But some say that it could be manipulated and is nothing more than a way to justify price movements and future speculation.
If we look at the bridging of assets, we see also a high transfer volume from Ethereum to Solana in the last four weeks
What Mistakes Are People Making with Memecoins?
Memecoin season is here, also on Solana. But what people need to know is that many people lose their SOL holdings. The allure of meme coins and the potential for quick profits often attract investors. But, it’s important to understand that consistently making money with meme coins is a feat achieved by a small percentage of people. Many find themselves on the losing end of these volatile investments.
What is the Recommended Strategy for Investing in SOL?
Rather than chasing quick profits with meme coins, a more reliable strategy might be to invest in SOL, stake it, forget about it, and then sell it at a later date. This approach allows investors to benefit from Solana’s potential long-term growth and staking rewards, without the stress and risk associated with memecoin trading.
The post The Rise of Solana: What does it mean appeared first on YourCryptoLibrary.
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