Solana Price Analysis: Snowden Criticizes ‘Centralized Chain’ – What’s Next for SOL?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Solana price has dropped by 6.5% today, falling to $135 as the crypto market as a whole loses 3% in 24 hours.
SOL is now down by 11% in a week and is basically flat in the last 30 days, with yesterday also witnessing a speech in which NSA whistleblower Edward Snowden described Solana as a “centralized” network that nobody uses “except for meme coins and scams.”
Such criticisms may chime with what supporters of other networks have said about Solana in the past, but with SOL still up by an impressive 460% in a year the altcoin still has lots of momentum.
And while the cryptocurrency market still needs time to recover from recent blows, SOL remains in a good position to benefit more than most from renewed bullishness.
Speaking via video link at Singapore’s Token 2049 conference, Snowden criticized Solana and its team for “taking good ideas” and asking what would happen if they “centralized everything.”
While Snowden conceded that this approach would and has made Solana faster and cheaper than many of its rivals, he also argued that “nobody” is using the blockchain except scammers and meme token issuers.
And the reason for this, in his view, is that Solana’s centralization makes it risky for anyone doing anything important to put their platform or project on Solana, since the latter is “a system that has levers that people can [use to] simply just take from you.”
Members of the Solana community have responded quickly and firmly to these claims, yet Snowden’s status may mean that neutrals pay more attention to his views than to any
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