Is SOL Poised to Explode in Price?

• The Dogecoin co-founder criticized the Solana blockchain technology by calling it a “centralized database that does not address the problem.”
• Solana creating a plugin for ChatGPT that permits individuals to engage with the Solana blockchain by utilizing OpenAI’s chatbot technology for conversational purposes. Solana is second in the number of active addresses. 

Just recently, Solana announced that they are working on creating a plugin for ChatGPT that will permit individuals to engage with the Solana blockchain by utilizing OpenAI’s chatbot technology for conversational purposes. With these new developments, users will have the opportunity to carry out a number of tasks through the ChatGPT user interface thanks to this plugin, including checking their wallet balances, transferring tokens, and purchasing NFTs. Dogecoin Co-founder had a lot to say on this. 

Dogecoin Co-founder, Criticizes the Solana Ecosystem

In the now controversial tweet, Dogecoin co-founder Billy Markus, alias Shibetoshi Nakamoto, stated that cryptos with a high transaction or gas fees on well-known blockchain platforms render them “broken garbage.” He added that they need to “scale the tech, or it’s ngmi”; ngmi also means “Not Going to Make It.”

real talk, high gas fees / high transaction fees in popular cryptos essentially make them broken garbage

scale the tech or it’s ngmi

— Shibetoshi Nakamoto (@BillyM2k) May 3, 2023

Markus initially made a generic statement without mentioning any specific individuals or entities. The Dogecoin founder’s comments sparked a variety of responses from his followers. One of his followers on Twitter replied by posting a meme about the cryptocurrency NANO, which was heavily hyped during the 2017 bull market due to its great scalability, but eventually failed to catch on due to a lack of practical uses.

real talk, high gas fees / high transaction fees in popular cryptos essentially make them broken garbage

scale the tech or it’s ngmi

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— Shibetoshi Nakamoto (@BillyM2k) May 3, 2023

Markus, however, disregarded NANO as an appropriate response, saying he was talking about well-known blockchains. In a comment thread, when someone said that “Solana could fix the issue of high gas fees,” The Dogecoin co-founder criticized this blockchain technology by calling it a “centralized database that does not address the problem.”

Over the past few years, the Solana blockchain has experienced multiple outages, and each time, the Solana Foundation had to restart the ledger. However, the question remains whether Markus’s assertion that Solana is a centralized and useless technology is accurate. While cryptocurrencies tend to operate collectively, there is always an underlying rivalry among them to determine which crypto or blockchain technology is superior.

According to recent research by Nansen, a blockchain and research company, Solana is second in the number of active addresses. Thus, the assertion that Solana is a pointless technology does not hold much weight.

Solana price analysis

The adoption and number of cryptocurrencies are increasing. However, the crypto market is currently on the bearish side. As of the time of writing, Solana’s performance and technical analysis indicated eleven sell signals and only three buy signals based on the moving averages. Therefore, the overall trend for the SOL/USD pair is bullish. According to our data, Solana is trading at $21.92 and has had a 24-hour volume of Solana up 2.95% in the last 24 hours, $382 million.

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