Customers losing faith in your product or service and deserting it is an unfortunate situation we hope we never see. However, it’s part of business and is the same situation most crypto platforms face. One of the hardest-hit cryptos is Solana (SOL), a blockchain platform that enables the creation of smart contracts and the development of decentralized, scalable applications.
Even though the current challenging market conditions have a lot to do with the current situation at the platform, it goes without saying that some of its downfalls are of its own making. As such, more and more investors are looking for better investment opportunities in tokens such as TRC, Rate That Crypto’s native currency, as an alternative. This piece will explore why SOL holders are losing faith in digital currency and why they are buying RTC.
- The Use of NFTs
Nonefiungible tokens started as a noble idea to help artists keep track of their art’s provenance. However, as soon as Beeple sold his NFT piece for $69 million, the internet went crazy and ran with the idea a bit too far. This created an NFT market bubble rivaling the biggest air balloons, tempting anyone with good common sense to pop it. And so, they did.
Unfortunately, Solana’s positioning was highly dependent on the continued success of NFTs, but now that everyone is aware of the concept’s downside. No one wants anything to do with NFTs. In contrast, Rate That Crypto is a mobile-first platform that allows you to make predictions about future crypto price movements and has nothing to do with NFTs.
- Hacking Scandals
Unfortunately, investors losing many of their crypto portfolios from hacking scandals is not uncommon. Even more unfortunate, Solana has had to apologize to its users on several occasions after hackers compromised the platform. The latest event saw over 8,000 of its users’ wallets hacked and the hackers making away with millions of dollars worth of their SOL and SPL tokens.
Even though Rate That Crypto is still new to the market, it has not suffered a hacking scandal, and users can trust its security protocols to keep them safe.
- The FTX Scandal
One more recent event that has contributed to many people questioning the rationality of investing in crypto and not just the SOL token is the FTX scandal. Many were shocked by the casual way the management of the second-largest crypto exchange ran the platform and their unprofessionalism towards people’s investments. The fallback from this affected the whole industry and will still resonate for years to come, which also hurt the already teetering Solana.
Looking at Rate That Crypto’s whitepaper, it’s clear the team is fully cognisant of this, and there is no chance of the same happening on the platform.
- High Volatility
Besides the SOL token losing 94.82% of its all-time high valuation, the Solana token is highly volatile, and any serious investor cannot rely on it. However, Rate That Crypto allows you to benefit from the price movement of cryptocurrencies and does not expose you to the same risks as SOL.
Even though risk is an accepted aspect of investing, you need to know when to cut your losses as a shrewd investor. Solana has been around the block for some time and can’t seem to get its act together. On the other hand, Rate That Crypto is a new platform challenging how you invest in crypto, which is worth looking at.
For more information on Rate That Crypto visit the links below:
Presale Website: www.ratethatcrypto.com