Year's Best-Performing Crypto Token Is Tied to Sam Bankman-Fried
- Rival to Ethereum has surged more than 300% this year
- Solana tumbled 94% in 2022 in wake of Alameda, FTX collapse
The Solana Space retail store at Hudson Yards in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Almost a year after the demise of Sam Bankman-Fried’s crypto empire, one of the blockchain projects most associated with the now disgraced entrepreneur is emerging from under the cloud his downfall cast over the digital-asset world.
Solana’s SOL token has surged about 340% to $41 in 2023, outdoing the 114% rally in market bellwether Bitcoin and becoming the best performing token among the largest cryptocurrencies tracked by Bloomberg. That follows a 94% drop last year as Bankman-Fried’s FTX and Alameda Research — two major backers of the project - collapsed into bankruptcy.