With much lower gas fees than Ethereum, Solana gained popularity as the chain that could accomplish what Ethereum could during the last bull run (2021). NFTs were doing very well on the chain; magic eden served as the Solana chain's opensea; Solana reached an all-time high of $260; it was dubbed the "ethereum killer," and it was very likely that it would reach $500. However, the bear market started, the from LUNA crashing and FTX filing for bankruptcy the Solana blockchain was shut down, people begins to panic sell and we saw the price of Solana plummet to $8.
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Everyone was too afraid to buy, including me because I thought that was the beginning of the end of Solana.
Like the majority of other cryptocurrency tokens that fell during the crash, Solana has recovered and its price has already increased by X18. This is all thanks to the airdrop that encouraged community participation in the chain, where memecoin is booming and traders are making enormous sums of money. The chain has been so busy that it has completed more transactions than Ethereum, which has driven up the cost of solana. At $149.5 right now, Solana is only $111 away from reaching its all-time high of $260.
As we have seen with Solana, a chain that combines great utility and a supportive community with a dash of airdrop will be nearly unstoppable. Ignoring your community and believing that technology alone will suffice is one way to see your project fail because, no matter how good the technology is, without a community, who will use it? The airdrop strategy is what Solana is using to bring interaction and engagement on it chain, thereby pushing it price up.
***What do you think about Solana? Will it breaks the previous all time high and create a new one?***
