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Solana Price Surge Likely to Be ‘Decently Organic,’ Says FTX’s Sam Bankman-Fried

The undermarketing of Solana may mean the current rally is built on sturdier ground, the FTX CEO suggested Thursday.

Sep 9, 2021 at 4:26 p.m. UTC
Updated Sep 9, 2021 at 5:02 p.m. UTC

Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, believes the recent rally in the price of Solana’s native token is likely to be “decently organic,” as opposed to being the product of marketing hype or overstating of its credentials.

  • Speaking in a webinar about Solana sponsored by FTX on Thursday, Bankman-Fried explained how one of Solana’s weaknesses may prove to be a strength amid the token’s current rally.
  • The technology of Solana “outstripped its marketing by a good solid year-and-a-half or so,” according to the FTX CEO.
  • Bankman-Fried said he regards this “mostly” as a downside, but it could mean the crypto’s current price run is built on a sturdier foundation as a result.
  • He said it gave him comfort that the price of Solana was less likely to be the product of a “giant marketing push” or “multi-level marketing scheme-driven bulls**t.”
  • “It is much more likely to be decently organic and that’s always been Solana’s calling card,” he added.
  • Solana’s recent surge has seen its price increase by over 400% in the last 30 days, eclipsing XRP as the world’s sixth-largest cryptocurrency by market capitalization
  • FTX this week launched a minting platform for non-fungible tokens (NFT) that will be built cross-chain on Solana and Ethereum. That may have helped boost the price of Solana sharply.


DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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