All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- A new market report has triggered FUD within the SOL community, as it reveals that a whopping $128 million worth of SOL is being held by FTX.
- The aforementioned funds are said to belong to the Alameda firm and will remain locked until the year 2025.
Fear, uncertainty, and doubt have plagued the Solana network, as bearish reports stir panic amongst Solana (SOL) investors and traders alike.
Altcoins have not had a smooth run in the past weeks, and have only begun attempting to make a much-needed price correction this September. However, for SOL, the 9th most valuable cryptocurrency by market cap, this recovery might be short-lived.
According to Solscan, a real-time update Scanning Tool for the Solana Ecosystem, FTX currently sits on a staggering $1.162 billion worth of crypto assets. This figure is a result of the combination of the value of three publicly available FTX cold storage wallets.
An estimated $128 million of the $1.162 billion crypto assets held in the FTX cold storage wallet is held in Solana (SOL). Despite this amount being significantly tiny, in comparison to the funds stored in the cold storage wallet, SOL holders are well within their rights to be concerned for the future.
According to reports from SolanaCompass, a platform offering token swaps, guides, and tools for stakers on the Solana more than 42.16 million SOLs (67% of that stash) belong to Alameda, a leading principal trading firm that is now defunct.
FTX sits on a whopping $1.162 billion worth of SOL tokens. But wait, here's the twist: https://t.co/JnOV6DBDbF reports that over 42.16 million SOLs (67% of that stash) belong to Alameda and they're LOCKED until 2025! 📆 No quick, massive dumping in sight! 💎🚫 #SOL #FTX #Solana pic.twitter.com/OLAvqgiMB6
— Collin Brown (@CollinBrownXRP) September 13, 2023
Market players are especially sensitive to the fact that the aforementioned crypto sash held in SOL, has been locked by Alameda until 2025. As such, SOL users can find comfort in the fact that no massive SOL dump will take place anytime soon.
Members of the Solana community reacts to the new development
However, the Solana community is still in a state of fear and uncertainty. Some community members took to X (formerly Twitter), to share their thoughts on the new development.
I saw some influencers shilling Solana some time ago. Not looking great. FTX about to dump $680 mil worth of SOL.
One user wrote. Another user who seems to think that the anticipated dump will not come to pass, but remains convinced that SOL will go to zero, responded by saying;
I’m no fan of Solana but this is not true. The majority is locked and in vesting till 2025-2027. Solana is still crap though and will take a massive hit.
Meanwhile, at the time of this report, the altcoin market seems to have found stability within the green zone. Although a few altcoin tokens are still nursing losses, the majority are raking in new gains. SOL is dotted with the majority at this time, after raking in mild gains over the week.
The asset trades at a press time price of $18. However, the market could either go upwards or downwards, depending on the trader’s sentiments. It is worth noting that SOL has already lost more than 13% in trading volume.
