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Solana Million-dollar Liquidation Poses Threat to Price: Details

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A Solana long contract worth $2.5 million on the verge of liquidation became the subject of attention following a six-hour network outage on Oct. 1. The Solana network stopped processing transactions at some point, leaving users stranded.

Colin Wu reports, “Solana has been down for nearly 5h, and validators are currently coordinating an attempt to restart. There is a long contract with nearly 2.5m in the Mango market that is in the liquidation range. However, the holder can neither add margin nor liquidate.”

The estimated liquidation price for the contract was $33.04. However, with the SOL price beneath this point, the position was dangerously close to being liquidated. A crypto user named Kaash Capital, who posted the screenshot of the long position, also noted that bids were filled down to $32.5, which might put “lots of sell pressure” on the SOL price. He also shared a screenshot showing 163 liquidations had taken place. At the time of publication, Solana was trading at $32.93, down 2.63% in the last 24 hours.

Solana drew attention in June, when it found itself entangled in what most described as its biggest whale liquidation crisis. A large account holder, or “whale,” had a loan with an outstanding balance of $108 million in USDC and USDT that was secured by SOL, the Solana network’s native token. As the price of SOL plummeted, the loan ran the risk of being liquidated.

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Solend, a Solana lending procedure, would have had nearly no SOL if the price of SOL had kept falling and the $21 million in SOL used as collateral for the loan had been liquidated. The co-founder of the project argued that the haste to acquire so much SOL for a discount may have caused the $2.6 billion Solana network to crash.

In the end, the whale started shifting its Solend investments into other Solana DeFi subsidiaries like Mango Markets — resolving the most acute crisis without a single cascading liquidation.

Solana blockchain restarted

The Solana network was successfully restarted after a six-hour outage. The Solana network stopped processing transactions and went offline Friday due to a misconfigured node.

This marks the blockchain’s fourth significant outage since January, when it experienced a succession of partial outages for most of that month. This most recent network shutdown comes a year after a nearly 18-hour outage last September.





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BudBlock Is Predicted To Be The Next Bitcoin As FTX Crash Rock Solana

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Have you ever imagined any crypto that can replace Bitcoin (BTC)? Of course, that should be a coin with much greater value. 

At the beginning of the year, most coins were created with the hype to outperform the top existing coins, and more are still being created. Among all, only a few have the potential to do so. Analysts have predicted BudBlockz (BLUNT) as one of these coins that could become the next Bitcoin, considering its unique services.

More so, this is likely to be achieved owing to the recent bombshell of FTX, the third-largest decentralized crypto exchange platform by volume. The FTX (FTT) crisis has rendered almost every significant cryptocurrency bullish, with a major impact on Solana (SOL). Solana will likely suffer longer as Binance has revealed its intention not to rescue FTX. While there is a lot of fear and uncertainty within the Solana community, some members are considering moving away. BudBlockz could be their destination, as $BLUNT is ready to explode.

While Solana suffers the FTX crisis, let’s dive in to discover how BudBlockz could become the next Bitcoin.

What Will Be the Worth of Solana (SOL) in 2023?

The recent flop in the price of Solana (SOL) has drawn much attention. This effect is attributed to the liquidity crunch in FTX. The FTX crisis is among the best-known crypto exchange platforms and has rendered Solana crippled. There are a lot of questions in the air as to whether Solana could survive this crash.

However, Solana (SOL) still holds the 14th position in the coinmarketcap ranking and was created as an open-source ecosystem to facilitate the building of decentralized applications (DApps). Solana is a very good platform when it comes to providing scalability. However, if the price of SOL keeps dropping due to the FTX (FTT) crash, Solana will likely lose most of its supporters to new potential coins like BudBlockz.

Could Bitcoin (BTC) Have a Resemblance?

Bitcoin (BTC), the first cryptocurrency, still retains its first position in the coinmarketcap despite its bearish state. BTC was created in 2009 as a solution to the challenges faced by fiat currency. Being the first to exist, it has successfully paved the way for the existence of other cryptocurrencies known as “alternative coins.” And today, many industries have adopted coins as a payment method.

Although Bitcoin (BTC) is known to be innovative, great coins like BudBlockz have erupted in the crypto space to marry the concept of cryptocurrency and blockchain technology and offer a transparent and trustworthy e-commerce ecosystem.

Could BudBlockz be the Next Big Cryptocurrency to Skyrocket in 2023?

BudBlockz’s (BLUNT) goals in the crypto space have been so loud that analysts see it becoming the next Bitcoin. BudBlockz (BLUNT) is a new, open-source ecosystem built on the Ethereum blockchain to unite cannabis enthusiasts worldwide. 

BudBlockz seeks to employ the innovation of blockchain technology along with cryptocurrency to provide solutions. In addition, the platform aims to erode the challenges that have plagued the cannabis industry over the years. Some of these are banking issues, production regulations, and capital raising.

While Bitcoin brought decentralization into the banking sector, BudBlockz introduced decentralized finance (DeFi) systems into the cannabis industry – a system that will help cannabis entrepreneurs access loans in the form of $BLUNT, the BudBlockz native currency. In addition, BudBlockz will lead to the expansion of more cannabis dispensaries across the globe, as well as the encouragement of more supporters in the ecosystem. BudBlockz seeks to be interesting and, at the same time, introduce NFT technology into its infrastructure, and that gives it an edge over Bitcoin.



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Can Solana (SOL) recover in 2023?

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  • Sad story of Solana in 2022
  • May Solana’s situation change in 2023?

Undoubtedly, 2022 was not one of the best years for Solana (SOL). The cryptocurrency that arrived on the crypto market with promises of being an “Ethereum killer” has had a lot of performance difficulties in the last 12 months. But will everything be different for the altcoin in 2023?

Sad story of Solana in 2022

This year the market has seen SOL’s price fluctuate after each outage that Solana’s network has experienced. This has led to distrust around crypto. After all, how could it be prepared to outperform the market’s top altcoin if its network does not work?

Although it was chosen as the preferred token after Ethereum for launching non-fungible tokens (NFTs) and blockchain games, Solana’s network proved unstable when heavily used. In addition, centralization was another negative highlight, as was always seen when developers paralyzed SOL blockchain to fix a bug.

As if that was not enough of a problem for the smart contracts platform, Solana has been negatively impacted by the fall of FTX and Alameda Research. The companies of Sam Bankman-Fried (SBF) were influential in Solana’s growth.

SBF, in addition to being a big crypto advocate saying that Solana is an underrated altcoin, has allowed Alameda to acquire $1.2 billion on SOL.

As of the time of writing, the bankrupt trading company holds 48.6 million units of the token. That figure represents 65% of all tokens in staking and 8.75% of Solana’s total outstanding.

All of this proximity to one of the biggest scandals of 2022 has caused the cryptocurrency to drop out of the top 10 and caused investors to lose a lot of money.

May Solana’s situation change in 2023?

Looking back over Solana’s history, its constant network outages were no reason for the cryptocurrency to lose a lot of capital. Even though it corrected, its place in the top 10 by market capitalization was not lost.

Therefore, even if the altcoin may still face more difficulties until it has a 100% functional blockchain, this may not be a bearish catalyst for it.

Another positive point about Solana is that it has a growing number of active developers. This proves that its network has not been left behind, even if investors are wary of Alameda’s next steps.

A fast blockchain, when not failing, with low transaction fees, accessible language for building smart contracts and a good volume of development can show that Solana still has hope.

However, by 2023, the altcoin will have to engage in new modalities of the blockchain industry and fix its network.

In addition to having important competitors such as Cardano (ADA) and Polkadot (DOT), investors should be much more demanding next year. With the fall of NFTs, Solana’s main highlight, the need to reinvent itself, is necessary so that it does not fall into the crypto graveyard.

Solana entered an important return risk zone as it passed an all-time high of $260 in 2021 and reached the final month of 2022 trading below the $15 mark.

By managing to develop in ways that minimize pressure from tokens held by Alameda, Solana could be the cryptocurrency to watch in 2023.



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Shiba Inu (SHIB) And Solana (SOL) Investors Think About Buying Flasko (FLSK)

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There is quite a demand among Shiba Inu (SHIB) and Solana (SOL) holders to buy the new cryptocurrency named Flasko. It appears that Flasko has been quite impressive in terms of investment returns.

Shiba Inu (SHIB) Is Just Another Meme Coin 

Currently, crypto investors don’t show any interest in going after meme coins. As a meme coin, Shiba Inu (SHIB) did well in the recent past. But when the hype for meme coins went down, Shiba Inu (SHIB) got into a struggling mode. 

From the beginning of 2022, the value of Shiba Inu (SHIB) has dropped by around 68%. It looks like this meme coin will not be able to recover its value in 2023.

Solana (SOL) Value Continues To Drop 

Another cryptocurrency that is going through a range of struggles as of now is Solana (SOL). The value of this cryptocurrency has also dropped by around 90% compared to its all-time high value. 

There are numerous regulations which hold behind the success of Solana (SOL). The bear market has also affected the growth of Solana (SOL). Hence, people should think twice before they invest their money in Solana (SOL).

Flasko (FLSK) Gains Attention As A Cryptocurrency 

Crypto investors have started to invest their money in Flasko. Flasko is unique, as it enables people to purchase NFTs, backed up with vintage and luxury champagnes, wines, and whiskeys. There is no need to spend a fortune and afford it in full because anyone can purchase Flasko tokens in whatever amount they can afford.

The current value of Flasko token is around $0.085. However, crypto experts believe this value could go up to $3 by the end of the year. This is why investors are rushing toward purchasing Flasko (FLSK). 

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.



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