Solana Community Remains Undeterred Despite FTX’s Influence
Solana’s recent price drop of 9.5% in the last week has raised concerns among investors. Many are blaming FTX, which holds a significant amount of SOL tokens, for this alarming situation. However, the Solana community is confident and presents interesting facts to support their claims.
FTX Entities Hold 20% of All Solana Tokens
New court filings from the FTX bankruptcy case have revealed that FTX and its affiliated entities possess a staggering $1.5 billion worth of SOL tokens. This amounts to 20% of all Solana tokens in circulation, considering Solana’s market cap of $7.4 billion.
Solana Is Less at Risk of Liquidation
Despite the large holdings of FTX, research conducted by Messari suggests that Solana is relatively less vulnerable to liquidation compared to smaller projects. This finding provides some reassurance to Solana investors.
The Impact of FTX’s Potential Liquidation
Understanding the relationship between Solana and FTX’s possible liquidation is crucial for SOL token holders. FTX’s substantial holdings have the potential to significantly influence the price of the SOL token, making it an important factor to consider.
Hot Take: Solana Community Remains Optimistic Despite FTX’s Influence
Despite the recent price dip and the significant holdings of FTX, the Solana community remains undeterred. While FTX’s influence on the SOL token’s price cannot be ignored, Solana’s resilience and its lower susceptibility to liquidation compared to smaller projects provide some grounds for optimism. As the situation unfolds, it will be interesting to see how Solana continues to navigate these challenges and maintain its position in the crypto market.
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