Investor in stocks and Bitcoin Mike Alfred has tweeted to liken Solana's native token SOL to Santa Claus in that, while children believe in Santa, some adults still have faith in Solana and hope to see a rise of SOL in the future.
Alfred sticks with Bitcoin, rejects SOL
Crypto analyst Miles Deutscher stated that there is no such a thing as a "bad product," there is only a bad buy. He believes that once SOL reaches price at which it will become a buy with a +EV (EV=expected value), and at that moment it will not matter if a trader believes in it or does not.
Alfred prefers to agree to differ. He said that he would stick with value equities and Bitcoin; "To each his own," he added.
Before you make fun of that kid who still believes in Santa, just remember there are people who still believe in Solana— Mike Alfred (@mikealfred) December 26, 2022
Since the start of November, the aforementioned SOL token (which used to be among those called "Ethereum killers") has been in free fall and lost more than 50% — the price dropped from the $36.88 level to the current $11.35 mark.
What happened to SOL recently
Solana was one of those platforms that seriously suffered from the infamous crash of the FTX exchange and the bankruptcy of its founder, Sam Bankman-Fried. SBF supported SOL strongly, and many of his ventures invested in it heavily. Among these investments was a purchase of $1.2 billion worth of SOL through his pocket trading firm, Alameda Research.
Besides, Alameda reportedly held $1.15 billion in this token and then began selling it, along with other altcoins, to prevent the collapse of FTX's native token, FTT.