Solana’s SOL token ends this happy week for the blockchain at 9.93% cheaper than its opening price. This result puts SOL in second place from the end on the list of Top 100 Cryptocurrencies by CoinMarketCap weekly performance.
It is likely that such negative price action from SOL was exacerbated by the hacking of wallets on the blockchain. As the news of the Solana Wallet being hacked surfaced, SOL fell by 9%. At the same time, Solana still ranks ninth among the top cryptocurrencies by market capitalization with an estimated value of $13.86 billion of all circulating SOL tokens.
Solana’s Good and Bad PR
Throughout the week there was various speculation about whether and how, in the end, the version that the Slope application was to blame was presented. As it turned out, Slope was storing seed phrases from wallets on centralized servers. Commenting on the situation, Andrei Yakovenko, the head of Solana Labs, said that any user who at least once imported his seed phrase into Slope could compromise it.
Sam Bankman-Fried, the founder of FTX and one of the most prominent figures in the crypto market at the moment, also expressed his support for the project. According to Entrepreneur, Solana is the lowest value project right now due to poor PR, and the SOL token is the lowest value digital asset. He also said that any other project would collapse in the same way if Solana tried to do it.
Also, it would be wrong to ignore that Sam Banksman-Fried is directly affiliated with Solana with his FTX and Alameda, and Entrepreneur’s comments should be taken from that perspective.