Solana falls 6% amid fears of FTX dump — but there's a catch
The price of Solana (SOL) has plunged more than 6% the last 24 hours, amid fears that bankrupt crypto exchange FTX may soon liquidate its significant portions of the token and other Solana-affiliated crypto assets.
According to a combination of data from Solscan, which has added up the value of the three publicly available FTX cold storage wallets, the FTX estate holds a combined $1.5 billion in crypto assets on the Solana network.
Of that weighty figure, Solana tokens account for just $128 million.
The rest of the amount is comprised of numerous Solana-based altcoins such as Wrapped Bitcoin (WBTC), Maps token (MAPS), Serum (SRM) and a number of other tokens colloquially referred to as “Sam coins” — a jest at the former FTX CEO Sam Bankman-Fried.
Still, the idea that liquidators may soon unleash $128 million worth of SOL and hundreds of millions worth of other SOL-affiliated tokens onto the market hasn’t inspired much confidence in the market.
A number of users took to X (formerly known as Twitter) to voice their concerns over the impending sell-off. “FTX about to dump $680 mil worth of SOL
Read more on cointelegraph.com
