Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT?
07 Noviembre 2022 - 07:37AM
NEWSBTC
Amidst the turmoil surrounding crypto exchange FTX, there is
currently one big loser, Solana (SOL). While the FTT token is at
the center of discussions for many market observers after Binance
CEO Changpeng Zhao announced to sell all FTT tokens, SOL is seeing
a massive -12% drop in price over the last 24 hours. Even the FTT
token is currently posting a loss of just under -3%. So what is
driving the SOL sell-off ? Just a few days ago, SOL experienced a
massive price spike after Google announced the launch of a Solana
validator. Related Reading: Solana: A Quick Evaluation Of How The
Blockchain Performed In Q3 This Year Early Monday morning, SOL fell
from its one-month high of $38.78, which it reached on Saturday, to
$30.74 on Binance. At press time, the SOL token was trading at
$31.34. Today’s sell-off has thus wiped out all gains following the
Google news and is now trading -8% on a weekly basis. Solana A
Victim Of The FTX Drama? The Ethereum community, most notably Eric
Conner, core dev of Ethereum and co-founder of EthHub were quick to
denounce the supposed “Ethereum killer”. Conner stated via Twitter
that it’s “funny as hell” to see the alleged “FTX/Alamada/Solana
scam” unfold after two years. It’s so fucking hilarious watching
you all realize the FTX/Alamada/Solana scam 2 years after most of
us called it out and got lambasted for doing so. — eric.eth
(@econoar) November 7, 2022 But words of warning for Solana
investors are not only coming from the ETH community. User are
wondering if an possible impending FTX implosion will have a
cascading effect on SOL. Pay attention to #Solana , ftx will have
to sell to cover expenses. If they are having issues — the BERG
(@ADAMBERGMANshow) November 7, 2022 It was recently revealed that
Solana (SOL) tokens are among the more significant assets on FTX’s
balance sheet. Bankman-Fried was an early investor in Solana and
has drummed up support for Solana several times in the past.
Related Reading: Bitcoin (BTC) Looks Strong Above $20,500; Here Is
The Key Level To Watch The exchange owns about $3.37 billion in
cryptocurrencies, with a large amount being SOL tokens: $292
million in “unlocked SOL”, $863 million in “locked SOL,” and $41
million in “SOL collateral”. The total of about $1.2 billion in SOL
tokens could be a means for FTX to get liquidity and defend the
price of the FTT token, which is also the main pillar on FTX’s
balance sheet. However, little is currently known about putative
SOL selling by FTX. However, the sole relationship between FTX and
Solana could be a major drag on the SOL price at the moment. Thus,
pure speculation could also be behind the current SOL dilemma.
Backdrop is, as described at the beginning, that FTX has a deep
connection with SOL. If there is a prolonged bank run, there is at
least a very high probability that the Solana token will also take
a big hit. But, if Bankman-Fried is dumping SOL, it’s definitely
not the only altcoin. As on-chain analysts note, other tokens are
also affected of the selling pressure by FTX. These coins include
CHZ, LOOM, SHIB, LINK, and DYDX.
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