Could Solana be the victim of a Pump and Dump program?

Solana (SOL) tripled in price in less than a month as the cryptocurrency market suffered staggering losses. On Tuesday, a wave of selling pressure hit the prices of almost all currencies.

SOL is reaching higher heights as many DApp, stablecoin and DeFi projects create platforms on the network. token now has a market value of more than $ 45 billion, according to CoinGecko.

New data released Tuesday by BestBetters.com identifies Solana as one of the fastest growing cryptocurrencies this year, increasing by 8.616%. token is now in the seventh place among the 10 most important virtual currencies in the world.

Nirmal Ranga, Vice President (Commerce), said that ZebPay Solana processes transactions faster even after the Ethereum upgrade. He noted that Solana is making progress thanks to its fast, secure, and censorship-resistant blockchain that provides an open infrastructure.

Pump and weir

Could SOL be the victim of a pump and dump system? Pump and dump pattern occurs when influencers generate a lot of publicity for new and less experienced people to buy them.

In this case, Solana is an established project that has been viable for a long time and is among the fastest growing ecosystems in cryptocurrencies. It has nearly 500 projects spanning DeFi, NFT, Web3, and more.

Recently Edul Patel, CEO and co-founder of Mudrex, pointed out that Solana is not your usual ‘pump and dump’ cryptocurrency, but rather a platform that creates multiple applications. Decentralized applications, also known as DApps, are based on these blockchain networks.

Solana could rival Ethereum

Solana is the fastest blockchain in the world and handles more than 50,000 transactions per second. blockchain could be a rival to Ethereum, the network most used for decentralized finance and collectible digital applications. In terms of cost, Solana’s website says that the average transaction price is $ 0.00025 making it efficient, thus increasing its traction.

Solana’s strong performance over the past month could come from the launch of more projects on the Solana blockchain. Hitesh Malviya of Itsblockchain.com said that Solano eliminates the scalability issues that most existing blockchain platforms suffer from. He added that the Solana ecosystem has made great strides toward achieving interoperability. It is associated with the Ethereum ecosystem through the Wormhole bridge, which allows users to trade within the community.

Also read Bitcoin (BTC) falls below $ 60,000, but correction could be short-lived

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