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Ben Armstrong Spreads FUD Calls on Solana, Asking Investors to Run

Cryptocurrency Nov 26, 2022 09:45
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© Reuters. Ben Armstrong Spreads FUD Calls on Solana, Asking Investors to Run

  • BitBoy crypto influencer spreads FUD statements about the Solana Blockchain.
  • Armstrong said, ‘Solana is dead’ no other way to save the network.
  • However, SOL gained 15% in seven days, with a 3.32% increase in its market cap.

Crypto influencer Ben Armstrong, the founder of BitBoy Crypto, is spreading FUD statements about the Solana Blockchain. Early today on Twitter, Armstrong asserted that Solana was dead and that there may be no other way to save the network.

However, according to the influencer, the NFT community may be the last stand giving upcoming product launches.

In another Twitter thread, Armstrong claimed that ‘every time the Solana blockchain paused, it was Alameda Research laundering money and brute forcing transactions.’ He concluded that crypto enthusiasts holding on to the Solana native token SOL should take on their hills and dump the coin.

Contrary to Armstrong’s claims, the Solana coin appears to be in a positive light, given its current price movement, according to data from the market tracking website CoinMarketCap. The token gained a cumulative 15% increase in a seven-day window with a 3.32% increase in its total market cap.

Despite its 24-hour trading volume going down by over 25%, the coin gained 3% against Bitcoin (BTC) and Ethereum (ETH). Among the top 20 cryptocurrencies by market cap, the SOL coin was the third-best performer under a seven-day window after Binance Coin (BNB) and Litecoin (LTC).

Notably, the collapse of the FTX exchange contributed significantly to the decreased price of SOL. A few years ago, Solana raised about $300 million in a private Initial Coin Offering (ICO) from several private investment companies, including Alameda Research. In return for participating in the fundraising round, Alameda earned a stake in a segment of SOL.

However, crypto analysts have argued that Alameda Research sold a significant chunk of its SOL holding to stabilize the falling FTX token.

The post Ben Armstrong Spreads FUD Calls on Solana, Asking Investors to Run appeared first on Coin Edition.

Ben Armstrong Spreads FUD Calls on Solana, Asking Investors to Run
 

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