• Solana has been having a difficult year due to its association with fraudulent exchange FTX.
• Many in the cryptocurrency industry believe that the project will ultimately fail due to the FTX collapse.
• The price of Solana suffered a significant dip prior to the FTX crash, indicating possible meddling.
Solana has been having a difficult year, with its association with the now defunct exchange FTX proving to be a major issue. The FTX collapse has caused much uncertainty in the cryptocurrency industry, with many believing that the project is on the verge of a major collapse in 2023.
The troubles began when FTX and Alameda Research fraudulently obtained and used client funds to invest in Solana initiatives. This caused the SOL price to take a major hit, with the token dropping by 73% since November 2020. Adding to the troubles, users have complained about the platform’s centralization, leading to further price volatility.
The FTX crash has only made things worse. Not only did the incident result in the loss of large amounts of customer funds, but it has also caused the user experience to be permanently tarnished. This has led to many in the cryptocurrency industry believing that the project is doomed to fail, and that investors should stay away from Solana in the near future.
Adding to the speculation of Solana’s impending demise is the fact that the price of the token suffered a significant dip just days before the FTX collapse news was released. This has many believing that there was some sort of manipulation going on inside the exchange, which could indicate that the project is on the brink of failure.
Only time will tell if Solana will be able to survive the crisis and make a comeback. Until then, investors should be cautious when dealing with the project, as the future of SOL remains uncertain.