FTX sells off $1.9 billion worth of SOL !!

In order to reduce the debt of the now-defunct cryptocurrency exchange, Solana tokens were sold at $64 each, a significant discount from their market value of $172. This move has been one of the most significant actions in the FTX bankruptcy saga.

Despite the sell-off, the overall sentiment for Solana remains positive, with the token showing resilience. The market cap of Solana has been increasing, and it is currently the seventh-largest cryptocurrency by market capitalization.

There was significant buyer interest in the tokens, with companies like Galaxy Digital and Pantera Capital reportedly expressing interest.

The sale of these tokens could potentially exert some selling pressure on the market, as indicated by the recent uptick in activity of FTX-related wallets moving millions of SOL tokens to exchanges.

However, Solana's price has seen a minor 0.2% dip in the past 24 hours, and the token has shown a remarkable 350% increase this year, defying concerns about its future after the collapse of Sam Bankman-Fried's FTX crypto exchange and Alameda Research.

The latest social media posts on this topic have been buzzing with discussions around the potential impact of this sell-off on Solana's price and the broader market. Overall sentiment still remains bullish.

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