Former BitMEX CEO Arthur Hayes, whose predictions are closely followed, talked about the altcoin, which lost 80% after the bankruptcy of FTX.
Arthur Hayes says altcoin project is worthless now
The giant forecaster made various claims about Solana in his statements on Twitter on December 28. Hayes says Solana is now truly “an absolute shitcoin.” However, he suggests that the FTX-linked altcoin project will still see demand again. According to the crypto analyst, if the mainstream media continues to cover with news about Solana, we will soon see a buying spree.
Is Solana on the brink of collapse?
Solana was one of the leading ecosystems, especially in the NFT market. After FTX’s bankruptcy, its reputation was completely destroyed. Recently, DeGods and y00ts, one of the largest Solana-based NFT projects, started the migration in the NFT sector by announcing that they are planning another move. DeGods announced on December 26 that it will build a bridge to Ethereum in the first quarter of 2023. However, y00ts, which is part of it, plans to migrate to the Polygon network. The reason for this switch to different Blockchains has not been officially disclosed. cryptocoin.com We have included some of the details in this article. Founder Frank’s statements were as follows:
On the other hand, it is predicted that the transition to different networks will help diversify projects. It also helps these projects maintain their base prices. As these projects are the largest collections of NFTs in the Solana network, they could cause problems for Solana’s NFT growth. Dune Analytics data shows that the number of Solana NFT transactions decreased after peaking in late November.
The number of transactions may decrease further after the DeGods and y00ts NFT collections are migrated.
However, networks like Polygon will be able to profit from the migration wave. As such, they quickly close the gap with Solana, the leader in NFT. In particular, Polygon completed a number of high-profile partnerships throughout the year. Reddit, Instagram, StarBucks, Meta, Disney were among these brands.
If Polygon manages to host the y00ts collection, it will become a contender for the top spot in terms of NFTs. Although this transition development seems like good news for Polygon, Solana investors may be adversely affected by this development in the long run.
Altcoin market stagnation pushes Solana price to new lows
Solana price dropped below the $10 level for the first time today. The altcoin, which was once among the top 10 by market cap, was hovering around $35 until the FTX bankruptcy in November. It is currently trying to protect $10, which it briefly fell under during the day. This level is just 5x away from the ICO price.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.