[ccpw id="39382"]

HomeCrypto NewsMarketSolana Rep Says Don't Panic, FTX Not Selling $685 Million SOL Now

Solana Rep Says Don’t Panic, FTX Not Selling $685 Million SOL Now


Solana Mobile Ambassador says no cause for alarm amid fears of FTX liquidation as Solana price crashes.

- Advertisement -

In the last 24 hours, Solana (SOL) has declined 4.74%, putting its one-week performance at a more significant 10.39% crash. Notably, the bearish performance is not unique to Solana, as the overall market trades in the red.

Yet, some market participants believe SOL is headed for more significant dips, citing FTX’s impending liquidation of its SOL holdings. In particular, prominent influencer Crypto Rover tweeted that the bankrupt FTX exchange will receive approval to liquidate a trove of cryptocurrencies. 

Based on the tweet, Solana occupies the largest share among the digital assets FTX would supposedly liquidate. Specifically, Rover stated FTX is expected to sell $685,000,000 SOL tokens.

- Advertisement -

SOL Going to $5?

Moreover, the influencer noted that FTX proposed to sell $200 million in cryptocurrencies weekly. The revelation sparked significant attention from the crypto community, with many issuing bearish signals.

Prominent trader ‘Bleeding Crypto’ said he feels no pity for anyone holding Solana after the revelation that FTX would dump over $600 million SOL. The trader argued it is better to sell SOL now and rebuy the digital asset within the $5 to $8 range.

In a similar conversation, a crypto enthusiast argued SOL was heading to $14 initially, but the FTX development will make it faster.

- Advertisement -

FTX Is Not Selling $685M SOL Now

In response to the bearish calls against Solana, Gumshoe, an ambassador of Solana Mobile, shared a counter-view.

The Solana ambassador argued that the FTX collapse’s aftermath was Solana’s most significant setback. He highlighted that the event saw SOL crash to $8, yet the coin has since recovered to trade above $20.

Moreover, Gumshoe provided context to the alleged massive dump of Solana tokens. He mentioned that the crypto community should be less worried about the $600 million sales as it is expected to take place over the course of five years.

Additionally, Gumshoe argued that other prominent layer-one blockchains have higher inflationary factors than Solana, but ‘nobody seems to care.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

More from Author