Solana is undoubtedly one of the biggest losers of 2022. With a price drop of 96.2% from its all-time high, investors had to cope with a harsh price correction. One of the main reasons for the crash can be seen in the insolvency of FTX. Since Sam Bankman-Fried’s investment firm Alameda Research still has a considerable stack of SOL in its portfolio, the situation is unlikely to improve, at least in the short term. New CEO John Ray will inevitably have to liquidate this position in order to pay out customers who have been harmed. In the wake of these negative developments, SOL’s price slipped to $9.13 at press time. But Chris Burniske, partner at Placeholder VC, shared some reasons why Solana is far from dead. As the former head of ARK Invest Crypto explained, he was recently asked by Vitalik Buterin what he likes about Solana. Burniske replied that for him, Solana has a “unique flavor of hardcore devotees & nerds,” meaning that they will drive innovation apart from Ethereum: Some of the devotees are hardware ..
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