Beached ๐Ÿ‹

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Beached

Last week crypto had one of its worst weeks ever, with Bitcoin dropping to an 18-month low, falling below $23,000, after it tumbled 15% in only 24 hours. As of this week, Bitcoin has tumbled even further, hitting a low of near $17,000 on Saturday, and currently sitting around $20,000. The sell-off in crypto came in reaction to headwinds caused by rising interest rates, inflation, and the broader fear of recession. Moreover, because all of these drops occurred in such a short timeframe it could point towards a broader and more fundamental mistrust in crypto, and the platforms supporting them. In short, what was already a steep decline has become a full-blown panic sell.

One major blockchain called Solana has faced major issues in light of the sell-off. Specifically, a project called Solend, which is built on the Solana blockchain, has struggled to maintain balance. The DApp is a lending platform and it recently attempted to gain control of its largest accounts, known as โ€œwhale investors.โ€ The reason for this is because these accounts significantly influence market movements. Specifically, Solend has explained this as one single whale sitting on an โ€œextremely large margin position,โ€ which puts the entire protocol and its users at risk. So far, Solendโ€™s users have voted to block the move.

What do you think about Solendโ€™s situation and will Solana collapse if this whale makes a move different from what they hope?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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