đ FTX redeems $23 million worth of SOL, will the market be affected by a potential sell-off?
Recently, a wallet associated with FTX and Alameda Research unlocked 177,693 SOL tokens from the Solana network, worth about $23.75 million. The news caused quite a stir in the crypto community, and everyone is speculating whether this will lead to a large amount of SOL being sold.
According to PeckShield's observation, the wallet currently holds 7.057 million SOL, worth about $954 million. This move is similar to the operations in November and December last year, when a large amount of SOL was unstaked and transferred to Coinbase.
Although market participants usually transfer tokens to centralized exchanges for liquidation after unstacking, some analysts believe that this unlocking is unlikely to have a significant impact on the price of SOL. After all, the unlocked amount is only a small part relative to the total holdings of the wallet, accounting for only 1.5% of the circulating supply.
Moreover, it is expected that any future sales by FTX may be conducted through over-the-counter transactions, which can reduce the impact on the market.
Meanwhile, FTX and its executives continue to face legal scrutiny. Former Alameda CEO Caroline Ellison has pleaded guilty to all charges, and her sentencing will take place on September 24.
Despite these uncertainties, SOL is currently trading at around $135, which is relatively modest. But in March of this year, SOL's price reached its peak of $210 this year. $SOL
đŹ Do you think this unlock by FTX will have an impact on the price of SOL? Are you optimistic about the future of SOL and its price trend? Leave your views in the comments section!
