• A prominent venture capital firm has revealed its number one altcoin pick for the upcoming bull cycle: Solana (SOL).
• Chris Burniske, partner at Placeholder VC, explains that Solana has been purged of questionable projects built on top of it and is an appealing blockchain for users and developers.
• He advises potential investors who were wary of Solana to be glad that those tokens have become irrelevant or down 99.9%.
Prominent Venture Capital Firm Reveals Number One Altcoin Pick
A prominent venture capital firm is revealing which altcoin it’s focusing on during the next bull cycle – Solana (SOL). In a recent interview with Unchained Podcast host Laura Shin, Chris Burniske, partner at Placeholder VC, explained the reasons why they chose SOL as their number one pick.
Purging Questionable Projects
Burniske mentioned that much like they did with Ethereum (ETH) in 2018-2019, they are now focusing on accumulating and supporting Solana. According to him, investors critical of SOL due to last year’s FTX debacle can now be glad that many questionable projects built on top of Solana have been purged from its ecosystem.
Maximizing Benefits Of Blockchain Systems
Burniske expressed his desire for the benefits of blockchain systems to be maximally distributed and highlighted how last year was a majorly redistributing event for Solana. He noted that if anyone had been skeptical about investing in SOL because of FTX or some other factors, then they should be happy that these issues have since been addressed and are no longer relevant.
Appealing To Differentiated Developers
The former ARK Invest analyst said that even though Placeholder VC blossomed from investing in Bitcoin (BTC) and ETH, it is now looking to support other ecosystems’ growth – such as Solana – which he says has merit as a blockchain both for users and developers. He believes this project will attract differentiated developers who will build products bringing in different types of users.
Current Price Action Of SOL
At time of writing, Solana is trading at $24.90 USD per coin – representing a 7.2% increase during the last 24 hours.