What's up, my crypto people! Things got tense in the market because the folks at FTX, the exchange that went bankrupt, are up to their tricks. Can you imagine? The assets of FTX and Alameda Research just released 188,000 Solana (SOL) tokens they had in staking, valued at nothing less than $31.5 million dollars 🤯. And what happened after that? Bam! Solana plummeted 8% in the blink of an eye, from $160 to $141.43 in one day! Crazy stuff!
An on-chain analyst, Ember_CN, was the one who spilled the tea that the funds went to 30 different addresses after they were released. This is not new, my people, because since November 2023, FTX has been unlocking SOL every ten days of the month and selling them on major exchanges like Binance and Coinbase. They have already sold over a billion dollars in SOL at an average price of $130! But hold on, they still have about 5.046 million SOL in staking, worth $726 million at today's prices! So get ready, this could continue for a good while.
Now, the million-dollar question is why this sharp drop in SOL? It turns out that this latest sale and the price drop coincided with a widespread market decline. And the reason? Geopolitical tensions, my people! They say that an airstrike by Israel on nuclear facilities in Iran was the spark that ignited the fuse. This caused the total market capitalization of crypto to drop by 3.21%, and even traditional stock markets like the S&P 500, Nasdaq, and Dow Jones felt the blow. When there is unrest in the world, even cryptos catch a cold! 😷🌍$SOL
