Solana Outperforms Bitcoin as it Tries to Exorcise the Ghost of Bankman-Fried
- Solana received patronage from fallen mogul Bankman-Fried
- Token sank 94% in wipeout last year but has since doubled
Signage at the Solana Space retail store at Hudson Yards in New York, US.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
The SOL token of the Solana blockchain has more than doubled this year, outperforming Bitcoin, as the project tries to move past its association with discredited former crypto mogul Sam Bankman-Fried.
SOL is up about 125% since Dec. 31, outdoing the 78% rally in Bitcoin as well as gains in other major tokens amid 2023’s crypto rebound. Industry turmoil last year — including Bankman-Fried’s chaotic downfall — had lopped 94% off SOL.