Ben Armstrong is a YouTuber, podcaster, crypto enthusiast, and the founder of BitBoyCrypto.com. He is better known as BitBoy Crypto and attempts to educate and inform the crypto community.
He has recently been circulating claims concerning the Solana Blockchain’s uncertainty. Armstrong claimed that Solana was dead and that there might be no other way to save the network. He further claimed that Alameda Research was laundering money and brute forcing transactions every time the Solana blockchain paused. And the enthusiasts who own this currency should dump it.
Unsurprisingly, he has made yet another controversial remark about the token.
“ADA is 75% bigger than SOL,” BitBoy continues to slam Solana
In a recent tweet, Armstrong reminded the community that Cardano’s native coin, ADA, is 75% larger in terms of market capitalization value than SOL. Bitboy said that ADA was a much bigger cryptocurrency than SOL, pointing out that it had almost double the market cap of SOL when sharing the list of cryptocurrencies by market cap. While ADA was in the top 10, he said, SOL ran the chance of slipping to 15th place behind Tron’s TRX.
The crypto influencer believes that the end is close for Solana, which has been plagued by fear, uncertainty, and doubt as a result of its ties to the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried. Recent announcements from well-known NFT projects outlining plans to switch to Ethereum have made the issue worse.
Cause of Solana’s Dismissal of Performance
Solana’s main issue in late 2022 was its strong association with FTX founder Sam Bankman-Fried, who is facing eight criminal fraud charges after his crypto exchange went bankrupt. When FTX failed, investors bailed on Solana to the tune of $8 billion. But Solana has fallen even further in recent days as the rest of the cryptocurrency market has been largely quiet and prices have remained constant.
Additionally, two prominent projects, DeGods and y00ts have announced their departure from Solana and revealed that they would be migrating to Ethereum and Polygon. The projects’ creator, Rohun Vora, believes the projects have accomplished everything they can on the Solana network. Polygon and Ethereum are the best places to be in order to encourage growth.
While supporting a claim by a user that Solana is dead, Bitboy tweeted, “I’m sorry if this hurts your feelings… but this is facts, More NFT and crypto projects will leave Solana.”
The price of Solana is at $ 13.52 per (SOL / USD) with a current market cap of $ 4.97B USD. The future predictions do not look optimistic either.