Viral posts are circulating on social media that Google has allegedly bought a large amount of Solana cryptocurrency and also has plans to acquire this blockchain. Attempted to gather all the details on this topic to see how real it is.
What is this about?
Claims are circulating on Twitter that the tech company Google has secretly bought a large amount of Solana cryptocurrency. The initial source of this news was blockchain developer and Token Dynamics CEO Martin Folb, who wrote this tweet (and several comments on it):
Breaking: Google buys 2,800,000 $SOL at $10. Google is now the 13th largest wallet. Address: 5MfwpEF6XPBDaBBGsiEviNe8sMeF7DZCdQeC5mdrP1pt
— MartyParty (@martypartymusic) January 9, 2023
A couple of days ago, this insider added the following new details to the original tweet:
Breaking: confirmed — Solana will be incorporated into @googlecloud — Google wallet, Google pay, team is assembled in Palo Alto.
Google Cloud is working with @solana to bring Blockchain Node Engine to the Solana chain next year, so it will be easy for anyone to launch a dedicated Solana node in the cloud.
What else is known from this insider:
- According to Martin, the company bought $SOL tokens in two transactions, and he provided multiple screenshots showing some kind of transaction on Solana’s blockchain for large amounts.
- The tweet is about this address in the blockchain with a large amount.
- Martin believes that Google purchased cryptocurrency between the second and third of January 2023. In his opinion, the corporation took advantage of the decline of the coin in 2022 to buy it profitably.
Google buys 2.800.000 $SOL at $10
& becoming the 13th largest wallet
solana probably a dead chain pic.twitter.com/efsKoECZGV
— Paulo (@TycoonPal) January 10, 2023
What do we think about it?
So far, there has been no confirmation of this deal, either from Solana or Google. The evidence given by Martin Folb is questionable.
All we can confirm so far is Solana’s indirect connection to Google, which has previously been made public, and that is the voluntary support of the Google Cloud team. This cloud provided hosting for this blockchain’s nodes when Solana suddenly faced a hosting provider war against it in late 2022. If the original leak is true, this is likely the end for Solana as a separate project, it also means Google’s entry into the crypto market as a new big player.
Now that we got your attention… check this out: Google Cloud is running a block-producing @solana validator to participate in and validate the network.
— Google Cloud (@googlecloud) November 5, 2022
Despite the lack of confirmation of this information, the market reacted positively to this insider information, and the price of $SOL token increased by about 40% in the last week. However, this growth could be influenced not only by the news about the alleged secret collaboration with Google, but also by the general growth of the crypto market.
What else do you need to know about Solana?
Solana belongs to a popular class of blockchain known as the Ethereum killer and is notorious for its instability — its endless problems and downtime have made this blockchain the hero of numerous memes. In the first half of 2023, Solana plans a massive upgrade of its network (with a transition to new advanced Firedancer validators), which should solve most of these technical problems.
Firedancer is a new, independent validator client for the Solana network. It's built on a different dependency tree – meaning once it's live on mainnet beta alongside the existing client, it will increase the resiliency of the network to a bug in the client implementation.
— Solana (@solana) January 12, 2023
Moreover, Solana is known for its aggressive marketing, which actively uses various thematic news and rumors for its promotion. Earlier, we wrote that Solana faced difficulties and uncertainty after the collapse of FTX (one of the main sponsors of this project) and is actively looking for possible ways out.