Why is Solana dumping? Checked and saw that the price of Solana is dumping and people are jumping from Solana to Ethereum, I don’t know why. May be it’s because we are finally seeing the gas price of Ethereum be at below $0.1. Few days ago I tried doing some transactions on the Ethereum chain, after transacting, I didn’t notice any changes compared to before. In 2021 and 2022 solana was advertised as the new Ethereum and it was so close to doing that. Lots of people started using Solana for NFT creation, because they couldn’t tolerate the high Ethereum gas fees while creating, listing or buying NFTs.
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Over time people started using Solana for memecoins, because of the low gas fees. I can’t imagine how annoying and expensive it is spending $25 in gas fee for a memecoin you try using $15 to buy because you are degening, this means that before you make your $1 profit you are already at a $15 loss. But with Solana, the gas fee is very low, sadly during the trump token launch, Solana gas fee for purchase increased at a ridiculous amount. A friend paid $20 in gas fee without knowing.
In reality I believe that anything can happen in the crypto space, Solana can catch up ethereum in price, we saw Solana move from $9 in 2022 after SBF disaster to $294 before trump’s inauguration. Now it’s at $164, will it go down more or come back with a massive pump?