The leader of the third biggest cryptocurrency exchange had a debate on Twitter Inc (NYSE:TWTR) after being called out over valuation of a coin. That led to several bets on price and a massive all-in callout on the coin on Jan. 9 of this year.
What Happened: A Twitter account belonging to @coinmamba publicly called out FTX founder Sam Bankman-Fried on if Solana (CRYPTO: SOL) was overvalued. Bankman-Fried said he never said the coin was overvalued, and offered multiple bets with the Twitter user on the coin going up in value.
After a few tweets back and forth betting on the price of SOL at $2, $2.05, $2.38 and $3, Bankman-Fried finally had enough and offered to buy every single SOL that Coinmamba owned for $3.
The “sell me all you want” tweet has over 10,000 likes and was retweeted nearly 2,000 times. Anyone who followed the all-in approach here by the FTX founder has seen a massive return.
See Also: How To Buy Solana
Massive Return: Solana has been one of the best performing large cryptocurrencies in 2021. SOL is now the fifth highest valued cryptocurrency, according to AssetDash.com. SOL has a market capitalization of $65.8 billion and ranks 215th for all assets that include stocks, ETFs and cryptocurrencies.
SOL shares hit a high of $260.06 earlier this year. The coin trades at $217.43 at the time of writing, up a staggering 7,126% from the $3 price point laid out by Bankman-Fried.
A $1,000 investment in SOL at $3 would be worth $72,260 today.
Bullish On Solana: Bankman-Fried was named the youngest billionaire to appear on the Forbes 400 2021 list at the age of 29. The FTX founder was worth $22.5 billion at the time, with the valuation of FTX listed at $18 billion.
Bankman-Fried has remained bullish on Solana throughout 2021 despite its monster run.
Solana is one of the few blockchains with a roadmap to scale millions of transactions, the FTX founder said at the Yahoo Finance conference in early November.
Bankman-Fried argued that Ethereum (CRYPTO: ETH) is not focused on scale, which makes Solana better in comparison to handle mass adoption. Bitcoin (CRYPTO: BTC) is the most traded cryptocurrency but doesn’t offer scalability and has slower and more expensive transactions.
“Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at, you know, fractions of penny per transaction, which is a scale that you need for this,” Bankman-Fried said.
Solana can run 60,000 transactions per second at a cost of $0.0015 per transaction, compared to Ethereum at 17,000 transactions per second and a cost of $5.80 per transaction.