American former professional boxer Michael Gerard Tyson has recently stormed into the crypto-verse. He had recently stated that he was,
“All in on Solana”
On 16 January, when he took to Twitter to discuss SOL’s price, many of his followers responded, not so pleased with his endorsement. While some thought that he is trying to “pump” the project, others thought SOL is way too “overpriced.”
Bro what is wrong with you? How much money you did put into Sol that you are trying to pump it so hard with tweets 😂😂 its overpriced as hell
— CryptoZeus (CyberZeus) (@coinbigs) January 15, 2022
SOL spent more time out than your opponents, tech is rushed and it clearly doesn’t work.
It’s an VC rug pull in making, I hope you are aware of it and are not paid to promote it as that will end badly with low enforcement agency when it all blows up..
— ELDA̷R (@EldarDRM) January 15, 2022
Notably, at the time of writing, SOL was trading at $150.5 with over 5% in weekly gains. This came after a 15-week low seen on 10 January. But, it is worth noting that Solana entered the Top five cryptocurrencies by market cap only in the last quarter of 2021.
After all, it was one of the few tokens to clock gains of over 10,000% in their price along with names like Fantom, Terra, and Polygon, as per CoinGecko.
This month as well, SOL remains one of the most preferred projects in the Ethereum community. In a recent Twitter poll by Vitalik Buterin, SOL also made it to the list behind Cardano.
Poll for Ethereum community. You wake up in 2035, and 80% of all transactions + savings in the world are in one currency that is not ETH. Which would you prefer it to be?
— vitalik.eth (@VitalikButerin) January 13, 2022
Having said that, Bank of America analyst Alkesh Shah also recently noted that Solana could take away Ethereum’s market share.
In the note, Shah cited Solana Foundation member Lily Liu and stated,
“[Solana] produces a blockchain optimized for consumer use cases by prioritizing scalability, low transaction fees, and ease of use.”
Further reiterating that Solana could become the Visa of the digital asset ecosystem, due to its ease of use and low cost. He also said,
“These innovations allow for the processing of an industry-leading ~65,000 transactions per second with average transaction fees of $0.00025, while remaining relatively decentralized and secure.”
However, slow Solana transactions and network congestion have been haunting the chain for a while. Some time back, Solana faced a network downtime in lieu of “some congestion due to mis-metered transitions”.
With that being said, the ecosystem has signed several partnerships in recent times. Be it MoonPay or others. It happens to be a top altcoin at the time of writing.