DonAlt, a prominent pseudonymous cryptocurrency pundit with more than 650,000 followers, believes that Solana has gone from “beloved” to “hated” quickly after its reputation has been tarnished.
“SOL went from beloved to hated quickly only because everyone on the chain lost all their money to scams,” he said.
As noted by DonAlt, there were many voices who had some concerns about “a scam” culture on the chain during the early stages of its development. However, these concerns were largely ignored by the community due to the fact that they helped to inflate numbers, thus making the ecosystem way more prominent.
In fact, the analyst argues that the leadership behind SOL somehow encouraged it to become “the scam chain.” This sets it apart from archrival Ethereum since co-founder Vitalik Buterin has actively called out fraudulent behavior.
Solana’s meme coin factory Pumpfun became one of the biggest cryptocurrency stories of 2024, generating countless crypto tokens and gaining a lot of notoriety. The Financial Conduct Authority (FCA), the UK’s financial regulatory body, ended blocking the website in December after warning that the memecoin factory was not allowed to operate in the country.
Earlier this month, DonAlt opined that the Pumpfun craze drained the early bull market alt season.
“I’ll always maintain the idea that pumpfun/SOL drained the early bull market alt season. And it went into the pockets of scammers and grifters. Hopefully, we get another chance and don’t make the same mistakes,” he wrote on X.
