Solana’s Scandalous Transformation: From Adored to Despised

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Oh, dear. It seems that Solana, the once-beloved cryptocurrency darling, has fallen from grace faster than you can say “blockchain.” Our dear friend DonAlt, a pseudonymous pundit with a penchant for pithy proclamations, has declared that Solana has gone from “beloved” to “hated” quicker than you can say “scam.”

Why, you ask? Well, it appears that the once-beloved Solana has become a hotbed for scams, leaving its users with empty pockets and shattered dreams. DonAlt, ever the astute observer, noted that during the early stages of Solana’s development, there were whispers of a “scam” culture. However, these concerns were largely ignored by the community, as they helped to inflate numbers and make the ecosystem more prominent.

In fact, DonAlt argues that the leadership behind SOL somehow encouraged it to become “the scam chain.” This sets it apart from its archrival, Ethereum, whose 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 up 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.

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2025-02-16 21:57