The implosion of the centralised crypto exchange FTX has wiped almost $700 million worth of Solana (SOL) from the face of the planet. In this article, I will be looking at Solana (SOL), the main victim of the FTX bloodbath, and a promising newcomer to the crypto space, Rocketize (JATO). Should you be picking up these cryptocurrencies in the wake of the crash? Let’s find out.
Solana Not Looking So Sunny
So long Solana? Solana (SOL) was one of the cryptocurrencies to be hit the most by the recent FTX crash. It has plummeted 53.8% since November 2nd, whilst Bitcoin (BTC) and Ethereum (ETH) have fallen 19% and 20% respectively. The core reason for this implosion is that FTX and CEO Sam Bankman-Fried’s trading firm Alameda Research likely liquidated a high number of Solana to keep their heads above water.
In the past, Solana has been touted as the ‘Ethereum killer’, boasting super-fast processing speeds, scalability and low transaction fees. For these reasons, Solana has built up an array of supporters of its platform, and perhaps due to their continued support through these dark times, Solana will live to shine in the future. If you strongly believe in the applications that the Solana blockchain offers, now is a fantastic time to pick up Solana at a very discounted price. Even though right now things are not looking very bright for the Ethereum rival, more investors in it could keep this crypto star burning away.
Team Rocketize Blasting Off Again
Instability. Fear. Turmoil. Due to FTX’s collapse, a lot of people are growing afraid to invest in crypto entirely. Meme coins might be the last thing on people’s minds to invest in with the market in this state.
However, community-based tokens in pre-sale like Rocketize (JATO) are breezing by turbulence in the market, due to not having entered the fray yet. Rocketize is fuelling up for its launch, and investors that get on board early will be able to ride this rocket straight to the moon. As Rocketize continues to build momentum and progresses through each presale stage, the price of the token will increase gradually. Investing in a token early is guaranteed to secure mind-bending gains if the token ascends past the skies and reaches the moon.
Additionally, Rocketize is part of the DeFi ecosystem, and can only be purchased with Ethereum (ETH), BNB (BNB) or Tether (USDT). This means you will never be unable to access your Rocketize tokens. Many people found out the hard way the drawbacks of using a centralised crypto exchange when they were unable to withdraw their funds from FTX, and had to watch the exchange slowly implode.
Rocketize has a lot of promise as a new community token and meme coin. There will be regular burning of the Rocketize tokens to ensure it has a deflationary nature like Bitcoin (BTC). This ensures that its value will only go up over time.
Solana (SOL) has suffered a lot in these turbulent times. Rocketize (JATO) has yet to launch, and so has not had to brave the harsh winds of the crypto winter. But with a thriving community behind both coins, the future is looking bright for Solana and Rocketize.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.