#CryptoCoinInvestigated

🧩 The Mystery of Solana: What Really Happened?

Solana’s rise and fall—and rise again—reads like a thriller in the crypto world. Let’s break it down:

šŸš€ Solana’s Meteoric Rise (2021)

Speed & Scalability: Solana delivered 50,000+ TPS with near-zero fees — faster than Ethereum.

Massive Ecosystem Growth: NFTs (like Degenerate Apes), DeFi apps, and meme coins exploded.

Hype & Funding: Backed by FTX, Alameda Research, Multicoin Capital, and VC giants.

$SOL Price Surge: From ~$2 to $260+ in 2021.


šŸ’„ The Fall (2022–2023): Why Solana Plummeted
🧨 1. FTX & Alameda Collapse

FTX and Alameda Research were massive holders of SOL — possibly up to 13%+ of total supply.

When FTX went bankrupt in November 2022, their liquidation of SOL reserves created a huge dumping pressure.

Solana's price dropped to as low as $8 — over 97% down from ATH.

ā— Alameda’s selling wasn’t just panic — it was court-ordered liquidation, flooding the market.

šŸ 2. Network Outages & Reputation Damage

Solana suffered multiple outages in 2022–2023.

Critics labeled it the "centralized chain" with too much validator control.

Developers and users lost confidence temporarily.

šŸŽ­ 3. ā€œWho Owns the Most?ā€ & Strategic Dumping

Before FTX collapsed, insiders like Alameda, early VCs, and even some ecosystem devs had massive bags of SOL

There’s strong speculation that ā€œsmart moneyā€ dumped to crash price, creating panic and rebuying low during the bloodbath.

Yes — it’s possible SOL was ā€œruggedā€ by its own early insiders for price advantage.

🧬 Solana’s Rebirth (2024–2025)
šŸ’Ž What Changed?

New independent ecosystem away from FTX shadow

Massive NFT & consumer app growth (Helium, Jupiter, Tensor, etc.)

Network stability improved drastically

Solana Mobile (Saga, Chapter 2) created a new on-chain app layer

Tokenomics shift: Supply stabilized, staking rewards optimized

🧾 Is Solana Now ETF-Ready?

āœ… VanEck and Franklin Templeton have filed Solana Spot ETF proposals

These are major TradFi players, betting on Solana as a serious Ethereum competitor

ETF = no need to dump coins anymore — institutions hold SOL to earn from:

Staking

Token appreciation

Transaction fee rebates

Now, those who once dumped it may be building long-term yield-generating positions.


šŸ¤” Could Solana Crash Again?

It’s unlikely in the same way:

FTX overhang is largely cleared

Insider token unlocks have mostly passed

ETF approval would support stable demand

SOL staking encourages long-term holding over dumping

BUT:

Solana is still heavily VC-backed and may remain volatile — especially if a whale decides to rotate funds.

āœ… Summary: Then vs Now
Phase What Happened Who Controlled It Risk

2021–2022 Pump to $260Alameda, VCs, FTX Hidden selling

2022–2023 Crash to $8 Forced liquidation Extreme

2024–2025 Recovery to $140+ Broader holders, ETF filings ETF dilution, not dumps

🧠 Conclusion

Yes, Solana was likely strategically crashed by FTX/Alameda and insiders. But now, it's transitioning to an ETF-backed, institutionally-aligned asset with real use cases, especially in consumer crypto, NFTs, and payments.

$SOL