Solana (Sol) Pumps 18%, As Ark Invest CEO Praised Solana Network
Cathie Wood talked about the popular Proof-of-Stake (PoS) crypto network Solana (Sol) blockchain.
ARK Investment Management LLC is an American investment management firm based in St. Petersburg, Florida. This firm mainly manages ETFs & crypto-inclined stock assets e.g. Robinhood (HOOD), Coinbase (Coin), etc. In 2014, this firm was founded by Cathie Wood and currently she is CEO of this firm.
On 15 Nov 2023, Cathie Wood appeared in an interview with CNBC and talked about the Solana (Sol) crypto project and explained how the crypto industry shifted to a better blockchain network Solana, after Bitcoin & Ethereum.
According to Wood, Ethereum was a cost-effective & fast network over Bitcoin but now Solana is the best alternative because the network fee on the Ethereum network is very high.
Following the statement on the Solana blockchain by Wood, the trade price of Solana’s native coin surged 18% within 24 hours on the same day.
The current trade price of Sol coin is $67.61 & this trade price is 15.5% higher over the last 24 hours trade price.
The current trade price of the Sol coin is 5-fold high year to date (YTD) which is itself a very big success for the Solana project.
This year, Sol’s coin trade price crashed following the news of FTX’s potential Sol coin sale plan. It was expected that the FTX bankruptcy team would sell nearly $1 billion worth of Sol coins in instalments but later they locked a significant amount of Sol coins in network staking.
Recently Solana labs, the developers team behind Solana blockchain, executives talked about the challenges that the Solana network faced in the past couple of years because of smart contract bug issues and said that the Solana ecosystem is now enjoying the bull rally because of the hard work that the developers did during the bear phase of this innovative market to fix the issues & make the Solana network more better.