Speaking to Kitco news, Fried stated that Solana’s unique underlying technology for developing decentralized finance protocols will also contribute to the token’s price surge. According to Fried, Solana has the ability to scale millions of transactions per second natively, an aspect that offers the token an upper hand in the DeFi space. Furthermore, Fried indicated that the crypto space will continue to experience crashes and bull runs, but several projects will likely survive the cycles. He stated that crypto protocols and projects that will last long would be those that can scale to allow for massive adoption as blockchain technology expands.
Warning on hype cryptocurrencies
He warned that cryptocurrencies driven by hype are among the ones that have crashed the hardest, and investors should lookout. His stand comes when the crypto sector has recorded a growth in popularity of meme coins mostly inspired by social media activity. Fried stated that investors should avoid meme coins with anonymous users alongside reviewing the holders of the token. He pointed out that coins with over 60% of the supply allocated to a few individuals should be approached with caution.
Institutional investors to drive growth in crypto space
In general, Fried noted that the crypto sector is likely to grow in the next five years, mainly driven by potential institutional investments. He said that the possibility of more institutions joining the space would drive capital inflows into the sector. Related video: Billionaire founder of FTX reveals cryptos that will survive the next crash [coinbase]
