Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform that facilitates crypto exchanges in Africa, has emphasized the remarkable growth and maturity of the cryptocurrency industry. He particularly highlighted Solana’s resilience and community efforts in Africa.
Akangbe stated that the crypto industry is steadily maturing and has demonstrated its ability to withstand various challenges that would have previously caused a market downturn. Despite regulatory issues surrounding Binance and its founder, Changpeng Zhao, pleading guilty to violating US money laundering laws, the industry continues to thrive.
According to Akangbe, the strength and adoption of any technology heavily rely on the vitality of its community. Crypto projects that focus on solving community problems, especially in remittances and international payments, have shown positive year-on-year growth.
Akangbe’s sentiment comes after a series of Solana Allstars Nigeria community meetups held in different parts of Nigeria, which showcased the thriving Solana community in Africa.
The Solana Foundation has undertaken various initiatives such as meetups, hackathons, and educational workshops to onboard Africans into the Solana ecosystem. These efforts have enhanced community engagement and facilitated the practical adoption of blockchain technology.
The Solana Allstars team in Nigeria has emerged as one of the most active Web3 adoption groups, receiving support from decentralized groups worldwide. Akangbe noted that these efforts have shifted user focus from price movements to the real-world utility of Solana’s projects.
There has been speculation surrounding the approval of a spot Solana exchange-traded fund (ETF) in the United States. However, according to Bloomberg analyst Eric Balchunas, the ETF may only become feasible with a change of US administration and the leadership of the Securities and Exchange Commission.
Several ETF issuers, including 21Shares and VanEck, have submitted applications for a spot Solana ETF. The price of SOL dropped over 15% in 48 hours to a low of $121 on July 1, with weekly losses standing at around 10% and 23% in the last month.
In conclusion, the article discusses the growth and maturity of the cryptocurrency industry, with a focus on Solana’s resilience and community efforts in Africa. It highlights the importance of community engagement in driving the adoption of blockchain technology. It also mentions the speculation surrounding a spot Solana ETF in the US and the recent price drop of SOL.