Solana (SOL) Is Grossly Overpriced After Scorching Rally, According To This Uber Angel Investor ⋆ ZyCrypto
The post Solana (SOL) Is Grossly Overpriced After Scorching Rally, According To This Uber Angel Investor ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Prominent angel investor and internet entrepreneur Jason Calacanis has aroused discussion in the cryptoverse with his unfavorable take on Solana’s (SOL) sky-high valuation. Calacanis told his 779.8k followers on X that Solana, which recently surpassed the $100 milestone and reached a $46 billion valuation, is overvalued. Examining Solana’s Valuation Jason Calacanis is throwing shots at Solana. In a Dec.28 post on X (formerly Twitter), the angel investor behind ridesharing app Uber and popular U.S.-based brokerage platform Robinhood suggested that no tangible business or consumer apps can justify Solana boasting a market valuation of around $46 billion. Although Solana has emerged as a serious Ethereum (ETH) rival as it is a cheaper and faster place to handle transactions, Calacanis is asking tough questions about the network’s earnings and revenue — key aspects commonly used in valuing traditional businesses. Advertisement    I keep asking folks for actual business or consumer applications that would justify solana being worth [ checks notes ] $46b (!!!) and no one can name a single one that has any scale. What are solana’s revenue or earnings? This isn’t financial advice, but if the market cap is… pic.twitter.com/Lfx4jKEhQS — @jason (@Jason) December 28, 2023 Calacanis then compared Solana’s market capitalization to well-established companies such as DoorDash, Palantir, and Spotify, indicating that the crypto is “completely disconnected from reality.” Solana’s December Rally Wobbles In Sudden 9% Drop Solana’s recent performance has been particularly noteworthy, considering its close association with the collapsed digital asset exchange FTX and the now-convicted crypto magnate Sam Bankman-Fried. Despite the madness surrounding FTX’s bankruptcy in November 2022, SOL has made quite an impressive recovery, with an 850% increase year-to-date. SOL is currently trading for $102 for the first time since April 2022, and it’s the fifth-biggest crypto after flipping Ripple’s XRP. This…
Filed under: News - @ December 28, 2023 8:10 pm