💦💦FTX's Solana (SOL) Transaction Scares: Tens of Millions of Dollars in Sale Possible 💦💦
H4y…gFZ, a crypto wallet that is alleged to be affiliated with FTX or Alameda, recently withdrew 177,693 Solana (SOL) from the Solana network.
The bankrupt crypto exchange FTX was known as one of the largest holders of Solana and sold a large amount of SOL during its November 2022 crash.
Will FTX Transfer Solana Coins to Exchanges?
According to Solscan data, the FTX/Alameda-affiliated wallet reportedly withdrew a total of $23.75 million worth of Solana today. The move has led to speculation in the crypto community that these SOLs will be transferred to centralized exchanges (CEX).
However, this movement is quite small compared to the wallet’s total SOL holdings. The H4y…gFZ wallet still has $943 million worth of SOL tokens staked, with 7.057 million SOL tokens staked. Previous reports suggest that FTX may have sold most of the large amount of SOL via over-the-counter (OTC) transactions.
Despite these developments, the price of Solana (SOL) remains stable, trading at $135, up 2.4%. SOL’s market cap is $63.27 billion. Since the beginning of 2024, the price of SOL has increased by 35%, marking an increase of over 650% on an annual basis.
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