FTX Estate DUMPING Solana, Price To Crash?
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March 28, 2024 11:32 pm
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The FTX estate is planning to dump $7.5 billion of Solana tokens onto the market and to major blockchain firms, will this cause the price of Solana to crash?
Custodians for the bankrupt exchange have announced that not only do they plan on offloading the tokens, but they will sell them at a discounted price too.
This could potentially spell bad news for the price of the token due to the market being flooded by a deluge of cheap SOL tokens.
At the same time FTX will be dumping $7.5 billion of the token onto the markets, Solana continues to experience technical issues and downtime on their blockchain network.
This has led many investors and speculators to question the viability of the project as a whole.
The #FTX estate plans to sell its locked #Solana balance at a major discount. pic.twitter.com/j4lqHJ2Cuu
— Cointelegraph (@Cointelegraph) March 28, 2024
I warned everybody about my lack of confidence in Luna!
I warned everybody about my lack of confidence in Celsius!
I warned everybody about my lack of confidence in FTX!
Now I am warning you about my lack of confidence in Solana!
Ignore the Bugs at your own risk!$ADA 🤝
— Lucid (@LucidCiC) March 27, 2024
Important 🚨#SOLANA holders need to watch this video!
Share and smash the like https://t.co/7NvHf9u9oV
— The O Show (Wendyo.eth) (@The_O_Show_) March 28, 2024
According to Cryptopolitan:
Neptune Digital became the first company to publicly announce the acquisition of Solana locks from FTX Assets. The company announced that it will purchase 26,964 SOLs at a price of $64 per token. 20% of all tokens received will be locked in March 2025, and additional tokens will be locked every month until 2028.
Despite its numerous, ongoing technical problems and network issues, Solana is experiencing at uptrend and is currently trading at roughly $186.00 at the time of this writing—more than double than at the start of the year.
The Block also revealed:
While some of the deals have now closed, two sources say, there is still a portion of the tokens remaining. They are anticipating that these will become available late next month, although this has not been confirmed.
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