Altcoin Bet On By Billionaires Has Ended The Week Too Bad!

Altcoin: As we reported as AmkNews, Solana (SOL) has been rocked by hack news this week. Due to the hacking attack, the altcoin ended the week with a decrease of about 9.93 percent from its starting price. This result places SOL in the second-to-last position on CoinMarketCap’s top 100 cryptocurrencies list based on weekly performance. A billionaire businessman complains that Solana is not given enough credit. Here are the details…

The hacking attack caused a drop in the altcoin price

Solana (SOL) was one of the worst performing altcoin projects in the past week. The reason for such a negative price movement of the popular altcoin SOL is actually obvious. The drop is thought to be related to the case of hacking wallets on the blockchain. As soon as the news of Solana wallets being hacked broke out, the price of SOL dropped by about 9 percent. At the same time, Solana still ranks ninth in the top cryptocurrencies by market capitalization. However, the estimated value of all SOL tokens in circulation is around $13.86 billion.

Solana, who was criticized for the hacking attack, was also exposed to many speculations. In the end, it was announced that the attack was carried out due to the Slope application. As it turned out, Slope stored the core passwords in wallets on central servers. Andrei Yakovenko, president of Solana Labs, said that any user who imported their kernel passwords to Slope at least once could be in danger. Sam Bankman-Fried, founder of FTX and currently one of the leading figures in the crypto market, also commented on Solana. Known to have invested in SOL, Fried expressed his support for the project.

Solana is undervalued, according to crypto billionaire

According to the billionaire businessman, Solana is currently trading well below its value due to poor PR. Also, crypto billionaire Sam Bankman-Fried argues in a new interview that the altcoin Solana (SOL), known as the Ethereum (ETH) killer, is a cryptocurrency that gets the least attention despite its efforts. According to the billionaire, he added that if another project experienced Solana’s attack, he would experience the same problems.

Altcoin Bet On By Billionaires Has Ended The Week Too Bad!

Solana operates on a Proof of Stake (PoS) consensus. It is also one of the most popular blockchain projects. SOL, on the other hand, is basically an altcoin project on Solana that can be paid with different cryptocurrencies. Accordingly, staking takes place by locking SOL into smart contracts on the network. Solana is the ninth largest cryptocurrency by market cap. For this reason, many crypto exchanges with large and secure trading volumes list altcoins.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.