Solana Sees Resurgence of Interest Led by Memecoin

Uncertainty hangs heavy in the air for the crypto industry as the first days of 2023 have begun to trickle by. Global concerns of potential rampant inflation and unexpected central bank monetary policy continue to cast doubt over the sustainability of current valuations in financial markets - both in traditional equities and crypto. Just two months ago, as of this writing, the FTX/Alameda complex had just begun to publicly unravel, sending shockwaves throughout the industry that continue to reverberate into the new year. 

If there is one ecosystem that has experienced the most direct impact from the downfall of FTX and Alameda, it is likely the Solana ecosystem. In our November review of Solana in the aftermath of the FTX collapse, we noted how the departing presence of key market makers and investors from Solana protocols had an immediate effect on liquidity and general optimism in the ecosystem’s long-term potential. These concerns have played out in the markets in recent months, marked by a sharp decline in the price of SOL over the past two months.