The Solana Proof of Stake (PoS), a network that was created by the now defunct cryptocurrency exchange FTX, and Alameda Research, has redeemed 177.693 Solana tokens worth approximately $23.75million.
PeckShield highlighted the movement in an article on September 12. post The crypto community has been speculating about a sale of tokens.
Speculation Rises After FTX/Alameda Wallet Movements
The following are additional ways to help you: data from Solscan shows that the wallet in question, H4y…gFZ, still holds 7.057 million SOL, valued at around $954 million, currently staked.
In November and December of 2023 the same address transferred significant amounts to Coinbase after unstaking SOL.
This has sparked speculation in the crypto-community about a possible selloff. After unstaking tokens, market participants move them to central exchanges (CEXs), where they are liquidated.
Some analysts, however, believe this may not be a significant impact on SOL’s price, as the unstaked amounts are relatively small when compared with the total amount of wallets which represents 1.5% the asset’s circulating stock.
The FTX Estate is also expected to conduct future sales over the counter (OTC). dealsThis will reduce the chances of a market shock.
Legal troubles continue for FTX executive
While FTX continues to be under intense scrutiny, its executive team and the timing of this unstaking is not coincidental. Caroline Ellison, former Alameda CEO and now a member of the Board at Alameda is set to be questioned. sentencing After pleading guilty on the 24th of September, guilty All charges related to collapse of the exchange.
SOL’s price is largely unchanged despite legal concerns and worries about unlocking. In fact, it has even seen a small increase in the past day, up to $135. On the annual chart, the price of the token is also up more than 650%.
After a strong performance in 2023 the cryptocurrency ranked fifth has seen modest growth in 2024. Following a notable performance in 2023, the fifth-ranked cryptocurrency has delivered more modest gains in 2024. peaking It has been on a downtrend since it peaked at $209 per coin in March. This coincided with Bitcoin reaching its new record high. The price has stabilized around $130 and could set the stage for future recovery.
The token is worth a significant amount increasesThere will be several things that need to come together, such as advancements made in the network technology, a rise of meme coin, institutional investment and even ETFs.
It is important to note that the word “you” means “you”. surge Interest in the meme coin was one of the main factors that drove its price to $200 by March. If these catalysts come to pass, analysts believe that the coin’s price could rise as high as $1,000 by 2025.
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Source: cryptopotato.com
