Solana (SOL) Head of Strategy, Austin Federa, shared his strategy for Solana this year and also shared his thoughts on Dogecoin (DOGE) rival, Bonk (BONK).
During an interview with Bloomberg, Federa says SOL, the Ethereum (ETH) rival, is once again gaining the confidence of crypto investors. He said the newcomer in the crypto industry and Dogecoin rival, BONK, is building a strong community as active addresses on the Solana smart contract platforms are up.
In his interview, he says the last half of this year was not good for the global crypto community and also for “some users on Solana as well.” But still he thoughts if the investors are looking at BONK then in this “people having fun with blockchain again. It’s a meme coin that got airdropped to people, to thousands and thousands of wallets on the ecosystem, and it’s something that the community has galvanized behind and been able to dig into and really find a lot of fun in it.”
Federa also added that “memes are fun. But memes are also a proxy for community. And one of the utilities of crypto that’s often overlooked is that it is a system for galvanizing community. And so the excitement around BONK is on one level, yes, it’s a meme, yes, it doesn’t actually specifically do something, but it is a token of community and especially after an ecosystem that’s been through a rough few months.”
At the time of writing, BONK price is $0.000001 with a 24-hour trading volume of $13.48 Million USD. BONK is down 11.81% in the last 24 hours.
On the other hand, the price of Solana noted a massive decrease after Alameda Research, FTX’s sister firm, went bankrupt. The firm was the large holder of Solana that massively affected the Solana. From $36.72 in November 2022 its SOL’s price went down to $9.60 in December 2022 with a decline of almost 74%.
Federa seemed optimistic for his Solana blockchain project as he said “If you look at the beginning of November, a lot of the headlines were doom and gloom for the Solana network. And what we’ve really seen since then, we’re about what two months out from that initial news is active addresses are up more people are using the network than were before. There are actually more validators on the network than before FTX collapsed.”
Federa also noted about the community and developers around the globe that came together and replaced the parts of the ecosystem that had FTX insolvency and then expanded from there. “If you look at active addresses each day, Solana is higher than all other blockchains at this point,” he added.