With Solana (SOL) heavily affected by the FTX debacle, Crypto Twitter expressed sympathy and hope that its community can be revived.
SOL, one of many coins supported by FTX CEO Sam Bankman-Fried (SBF), was hit hard during the FTX demise. On November 10th, the total value locked on the Solana chain decreased by 32.4%. The SOL token has lost almost half of its value, dropping from his $38 on Nov. 5 to $17 at the time of writing.
Members of the cryptocurrency community took to Twitter to send words of encouragement to those within the Solana ecosystem following the devastating events for Solana. David Hoffman, co-founder of studio Bankless, tweeted that he hoped this would be his $80 Ether (ETH) moment and wished the Solana community the best of luck. Hoffman also said that a “strong and committed community” awaits on the other side of the devastating events.
Polygon co-founder Sandeep Nailwal encouraged Solana supporters to keep building.nail wall I got it That there are good people in Solana who have done nothing wrong and are still bearing the brunt of the current situation. Despite our differences, Polygon’s co-founder stressed that “we are all brothers and sisters in the same community.”
Nicholas Chen, co-founder of blockchain explorer Solana FM, also expressed support for the community. As a member of the Solana ecosystem, Chen said this is unlike any other, even though this is his third cycle in which he has experienced what he describes as “death.” “Feelings of eternal doom” may discourage many, but he urged members of the community to “stay there.”
Related: FTX Story in Progress: Everything That Happened So Far
Amid the turmoil that has swept through the community, Solana co-founder Raj Gokal offered a very positive prediction for those building products on the platform. According to Gokal, the first quarter will be their “time to shine”, where they will demonstrate the power of the community.
In this chaos…
If you’re an independent team and just want to keep your head down (or already keep your head down) and focus on building your product @solanaQ1 is your time to shine.
Demonstrate the power of this global community of developers to propel web3 forward.
— Raj (@rajgokal) November 10, 2022
Meanwhile, as the FTX narrative continues to cause market turmoil, the broader cryptocurrency community has also been affected, with asset prices plummeting. Despite fear, uncertainty and doubt within the industry, many members of the community are confident that Bitcoin (BTC) and cryptocurrencies will take hold.