FTX sold 178,000 SOL tokens - will the price of Solana survive the sell-off?
FTX and Alameda lost $24M on Solana: is the price of #SOL in danger? #FTX and Alameda bought back $24M on Solana: is the price of SOL in danger?
The link between #Solana (SOL), a major blockchain tier 1 (L1) blockchain, and the failed FTX and Alameda Research still exists nearly two years after their collapse; FTX has been preparing to pay investors since the fourth quarter, so it will be looking to raise the necessary funds for Solana. This is expected to accelerate the sale.
A recent deal between FTX and Alameda caught the attention of the #cryptocurrency community, with the company buying back 178,631 SOL tokens (worth $28 million). Chain analyst Ember reported that these tokens, which were previously hosted on Solana's proof-of-stake system, will likely be moved to major exchanges such as Coinbase and Binance. This major move follows the FTX/Alameda model, which regularly moves around 170,000 SOL tokens every month.
H4y. . gFZ currently has 7.09 million SOL tokens (worth over $1.1 billion).
As FTX prepares to reimburse its investors, everyone is wondering: will Solana get it? Let's find out.
There are concerns about the potential impact of such a large SOL takeover on the Solana network and the broader cryptocurrency market: since the collapse of FTX in November 2022, the price of Solana has been very sensitive to changes in the holdings of FTX/Alameda. Since the exchange's collapse, Solana's value has fallen to $8 per token, and now FTX continues to reduce its holdings, with market watchers watching with interest to see how this move will affect betting fees and the security of the Solana network.
Solana (SOL) has risen significantly, rising 20.43% in the last week to cross $160 on October 14, 2024. However, after reaching a high of US$157.8, early profit taking and bearish pressure pushed the price back to US$ 155.
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