Crypto Executive Reveals State of Solana Post-FTX Collapse, Comments on Dogecoin Rival BONK

The CEO of Solana (SOL) says its Ethereum (ETH) rival is bouncing back after being hit by the FTX collapse.

In a new Bloomberg interview, Austin Federa, head of strategy and communications at the Solana Foundation, said: To tell Its new Dogecoin (DOGE) competitor, BONK, is growing a strong community as active addresses for its Solana smart contract platform are up.

“The second half of this year has been tough for both the global cryptocurrency community and some of Solana’s users.Watching BONK, I think we are seeing people enjoying blockchain again. This is a meme coin that has been airdropped to thousands of wallets on people, ecosystems, and what the community has inspired behind and really found a lot of fun to dig into.

Memes are fun. But memes are also a proxy for community. One of the often overlooked benefits of cryptocurrency is that it is a system for energizing communities. So the excitement around BONK is on one level, yes, it’s a meme, yes, it doesn’t actually do anything concrete, but it’s a token of the community, especially in rough numbers. After a month old ecosystem. ”

BONK is trading at $0.00000135 at the time of writing.

Solana’s price fell sharply after Alameda Research, the trading arm of FTX and SOL’s major shareholder, went bankrupt last year along with its parent company, leaving SOL’s future uncertain.

SOL price fell 74% from $36.72 in November 2022 to $9.60 in December. It has since recovered and is trading at $23.27 at the time of writing.

Federa says the Solana blockchain project is now stronger than it was before the FTX collapse.

“Looking back at the beginning of November, many of the headlines were about the doom and gloom of the Solana network. is up and more people are using the network than before, there are actually more validators on the network than there were before FTX collapsed.

We’ve seen communities and developers all over the world really come together to replace parts of the ecosystem that FTX was involved in and grow from there. Looking at daily active addresses, Solana is currently higher than all other blockchains. ”

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