Venture Capitalist Doubles Down on Solana and Cosmos, Says 2024 Redemption Arc Incoming
Chris Burniske, a crypto investor and partner at venture capital firm Placeholder, remains bullish on Solana (SOL) and Cosmos (ATOM) despite recent market downturns. The US Securities and Exchange Commission's (SEC) listing of SOL as a security in its charges against Coinbase and Binance caused a significant drop in the altcoin markets, with SOL down 94% from its all-time high and Cosmos down over 81%.
SEC's Lawsuits and Robinhood's Decision Cause Significant Drop in ADA, SOL, and MATIC Cryptocurrency Prices
The cryptocurrency market is facing uncertainty following the Securities and Exchange Commission's (SEC) recent action against assets that may be considered securities. This has resulted in a significant drop in the value of popular cryptocurrencies such as Cardano (ADA), Solana (SOL), and Polygon (MATIC), raising concerns about their long-term sustainability. In the past 24 hours, these three cryptocurrencies have seen an average decline of 23% in their value, with a collective capital outflow of $6.04 billion in just one day. The SEC's lawsuits against crypto exchanges Binance and Coinbase for listing unregistered securities have also contributed to the drop in asset prices.
Solana Faces Selling Pressure Following FTX Collapse and Concerns About Locked Stake and Large Investor Sell-Off
Solana is facing selling pressure and uncertainty following the collapse of FTX, which was largely attributed to Alameda Research, an entity affiliated with FTX, which held a substantial quantity of SOL tokens. The presence of a locked stake of 8.2% in the Solana cryptocurrency supply, held by Alameda Research and currently undergoing bankruptcy proceedings, raises concerns about the potential impact on the supply and liquidity of SOL in the coming years. Additionally, a large whale was observed selling a significant portion of its holdings, adding to the selling pressure on Solana and contributing to the downward price trend. Despite these challenges, Solana's development activity has continued to rise, suggesting that new updates and upgrades could be in the pipeline for the Solana network.
Solana Foundation Collaborates with Avorak AI to Enhance Security and Scalability of Blockchain Platform
Solana, a blockchain founded in 2017 by Anatoly Yakovenko, aims to provide fast, scalable, and secure decentralized applications and digital currencies. Its unique consensus algorithm, Proof of History (PoH), allows it to handle thousands of transactions per second while maintaining decentralization and security. By integrating AI technology, Solana can enhance its platform's security features, streamline regulatory compliance, and increase scalability. Avorak AI, an emerging AI solutions provider, has invited Solana developers to participate in the beta testing of its AI platform, offering them early access to advanced tools and features and the opportunity to contribute to the evolution of the AI platform.
Shiba Inu (SHIB) Survives Robinhood's Delisting of Cryptocurrencies
Robinhood, the American trading platform, has announced that it will delist Cardano, Solana, and Polygon from its platform by June 27, 2023. However, Shiba Inu (SHIB), the popular canine-themed cryptocurrency, will remain unaffected by this decision. The burn rate of SHIB tokens has increased significantly, potentially contributing to increased scarcity and value. The delisting decision may have been influenced by recent lawsuits involving major exchanges like Binance and Coinbase initiated by the United States Securities and Exchange Commission (SEC).
Robinhood to Delist Cardano, Polygon and Solana Following SEC Charges Against Crypto Exchanges
Robinhood, a brokerage firm, has announced that it will delist Cardano, Polygon, and Solana after the US Securities and Exchange Commission (SEC) classified them as securities in its charges against two major crypto exchanges. The firm will end support for the three cryptocurrencies on June 27, but investors can still buy, sell, and hold ADA, MATIC, and SOL until the deadline.
Solana's NFT Sales Volume Declines by Over 45% in Last 30 Days Despite Launch of State Compression Feature
Solana's price dropped by over 6% in the last 24 hours, with metrics suggesting further decline. However, a few indicators were bullish. Solana recently launched a unique feature for its NFT ecosystem called State Compression, which reduces the cost of minting 1 million NFTs on Solana to nearly $110.
Here's the Bull Case for Ethereum Rival Solana (SOL), According to InvestAnswers
An analyst has expressed optimism about the blockchain development of Solana, a competitor to Ethereum. The analyst praised the impressive upgrades being made to the Solana ecosystem, including the development of Jump Crypto's open-source validator client Firedancer, which aims to significantly enhance Solana scalability and reduce latency times to milliseconds.
Kraken Launches NFT Marketplace Supporting Over 250 Tokens Across Ethereum, Solana, and Polygon Blockchains
Kraken, a cryptocurrency exchange, has officially launched its NFT marketplace after beta testing, offering support for over 250 NFTs across Ethereum, Solana, and Polygon blockchains.
Firedancer Delivered Good Results in Initial Performance Tests, Hitting 1 million TPS
Solana's Firedancer validator client has delivered good results in initial performance tests, achieving 1 million transactions per second (TPS) and reducing latency times significantly. This could make the network more attractive to decentralized finance (DeFi) applications and high-frequency traders. While most networks opt for a modular approach to scalability, Solana has taken a monolithic approach at layer-1.
