Vitalik Buterin Boosts Solana (SOL) Price 24.8% – The ‚Vitalik‘ Effect

• Ethereum creator Vitalik Buterin tweeted in support of the Solana (SOL) project, driving the price of SOL up 24.8%.
• The value of Solana’s SOL token had fallen dramatically in the past several weeks, likely due to Solana’s relationship with the failed exchange FTX.
• Mike Dudas, co-founder and former CEO of The Block and founder of 6th Man Ventures, noted that the asset’s price chart resembled the „V“ in Buterin’s first name.

Today, the Solana (SOL) project was given a much-needed boost after Ethereum creator Vitalik Buterin tweeted in support of the project. Buterin wrote in his tweet that “some smart people” had told him that there was an “earnest smart developer community in Solana” and that the “chain has a bright future.” He concluded his message by expressing his hope that the community “gets its fair chance to thrive.”

The price of Solana (SOL) had sat close to $9.44 for much of the day before falling 13.2% to $8.19 in a matter of hours. However, following Buterin’s tweet, the price of SOL rose 24.8% to $10.22. Mike Dudas, co-founder and former CEO of The Block and founder of 6th Man Ventures, observed that the asset’s price chart resembled the „V“ in Buterin’s first name. He quipped that the formation was generally referred to as “The Vitalik.”

The value of Solana’s SOL token had been falling dramatically in the past several weeks, likely due to Solana’s relationship with the failed exchange FTX. In November, the asset crashed 55% and was one of the month’s worst-performing tokens. The lead-up to SOL’s latest crash appears to have begun around Dec. 28 when rumors emerged that former FTX CEO Sam-Bankman Fried would sell off a large quantity of SOL tokens. It is unclear whether any such sell-off took place.

Solana was initially created to be a high-performance blockchain protocol and was launched in March 2020. Since then, the project has seen substantial growth and adoption in the crypto space, with many developers flocking to the platform. SOL has become one of the biggest competitors to Ethereum, and its future looks bright with the support of Vitalik Buterin. It will be interesting to see if the project can continue to build on this momentum and remain competitive in the coming months.