Solana tagged 'Mac OS' of blockchain by Pantera Capital amid its decline
- Pantera Capital released a report addressing Solana as a major player in the future of blockchain.
- Waning interest in meme coins could hamper Solana's growth.
- Solana's price drops briefly below $130 for the first time since May.
Pantera Capital released a report on Friday stating Solana's rising influence in blockchain, surpassing that of Ethereum amid a slight decline in the price of SOL.
Solana valued above Ethereum according to Pantera Capital report
In a recent report, Venture capital firm Pantera Capital referred to Solana as a key player in blockchain technology, likening its recent interest over Ethereum to that of Apple over Microsoft.
Also read: Is this the end of the Solana meme coin experiment?
The report, published on Tuesday, centered around the recent developments in the crypto industry but also highlighted the potential of the Solana network. This was thoroughly discussed in the section titled "Solana: The 'Mac OS' of Blockchain."
Mac OS is the operating system behind Apple's personal computer devices. The section discusses the significant market impact of the Solana network over the past year.
It also states that Solana features a holistic architecture that aims to optimize every part of its blockchain, resulting in faster innovation, improved security, and a smooth user experience compared to the Ethereum network.
Read more: Solana kicks out validators extracting value from users through sandwich attacks
Pantera's faith in the Solana network follows a heavy investment in SOL tokens acquired via auctions of the defunct FTX exchange holdings over the past few months.
Solana experienced a surge in user activity following excitement surrounding Solana-based meme coins in the past few months.
This is characterized by the increased launch of meme tokens through the Solana token generation platform pump.fun. This accounted for 85% of the tokens that appeared across Solana decentralized exchanges (DEXs) like Raydium and Jupiter.
Also read: Solana-based meme coins' outlook improves, casting shadow over Dogecoin, Shiba Inu
However, Solana seems to have been experiencing a correction lately, as it is about 32% down from its yearly high.
The price of Solana fell briefly below $130 early on Friday, the first time since May before experiencing a correction. SOL is currently trading at $134 and is up by 0.24%.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
