The devastating collapse of FTX last year swept up one of the crypto industry’s hottest blockchains: Solana. Hailed for its high speeds and cheap transaction fees, the blockchain previously championed by Sam Bankman-Fried saw the price of its SOL token plummet in the wake of his FTX crypto exchange’s implosion.
But now, many digital asset investors have pegged Solana as crypto’s comeback kid after tumbling 94% in 2022. Like Bitcoin, SOL recently sky-rocketed in price, rising almost 800% since last December. Traders are also snapping up a Solana memecoin called BONK and gravitating once again toward nonfungible tokens, despite their fading hype. Transactional activity has also jumped on the Solana network as traders exploit its speed and low fees to trade risky and obscure tokens referred to in crypto slang as shitcoins.
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