FTX Property Stakes $122 Million Solana (SOL), Quells Concern Of Token Promote-Off


The FTX property has reportedly staked 5.5 million Solana (SOL), value $122 million. This growth comes amidst fears of the defunct crypto change liquidating a considerable portion of its SOL holdings and inducing a bearish pattern.

FTX Renews Bullish Curiosity In Solana With Newest Transfer

On October 14, blockchain monitoring platform Whale Alert reported that 5.5 million SOL had been transferred between two unknown wallets. Thereafter, a crypto analyst with the X username ashpool quickly recognized the FTX change to be behind this whale transaction.

Utilizing knowledge from gelato.sh, ashpool revealed that the FTX change had delegated the stated 5.5 million SOL to the Figment staking service, an lively validator on the Solana community. 

FTX property is staking 5.5M SOLhttps://t.co/ajRgBHFNt9 https://t.co/UGorSGMtwC

— ashpool (@solanobahn) October 14, 2023

In September, the administration of the bankrupt crypto change obtained courtroom approval to liquidate its crypto holdings, valued at $3.4 billion, as they appear to repay their collectors.

Solana accounts for the most important a part of FTX’s crypto property, with the change reportedly proudly owning 55.8 million SOL, value $1.16 billion. 

Nonetheless, nearly all of this SOL are at the moment staked, with FTX reportedly gaining access to 7 million SOL as of September, most of which had been offered off. 

On October 6, 9.1 million SOL, value about $212 million, owned by Alameda Analysis – FTX’s defunct buying and selling wing – had been reportedly unstaked, prompting new fears of market sell-off by the FTX property. 

Nonetheless, FTX’s newest transfer to stake 5.5 million SOL reveals the change is holding on to its SOL investments for now, which could possibly be interpreted as a reassuring transfer for merchants with fears of liquidation.

Regardless of its bankrupt standing, FTX remains to be thought of a significant participant within the Solana ecosystem, proudly owning 10% of SOL’s whole provide. Along with its SOL holdings, FTX additionally owns 20,500 BTC value $560 million and 112,600 ETH, value $192 million, amongst different crypto property. 

SOL Up By 16% In One Month

In different information, SOL is up by 16.06% within the final months regardless of fears of liquidation and worrying components linked to the FTX change. 

Most just lately, there have been circulating rumors that the defunct change might “change off” the Solana blockchain if it discovered the necessity to liquidate the lengthy place of merchants.

Nonetheless, these rumors had been quickly debunked by a number of accounts as pretend. The truth is, Jacob Creech, Head of Builders at Solana, drew the neighborhood’s consideration to the very fact there’s a $400,000 SOL bounty for anybody who can discover a “change off” for the community.  

On the time of writing, SOL is buying and selling at $21.98, with a 2.34% achieve within the final day. In the meantime, the token’s each day buying and selling quantity is up by 10.18% and is valued at $267.07 million.

SOL buying and selling at $21.93 on the hourly chart | Supply: SOLUSDT chart on Tradingview.com

Featured picture from Cryptodose, chart from Tradingview


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