Solana (Sol) coin pumps 27% in 7 days, as FTX’s big SOL sale plan news disappearing
In the last week, Sol coin grabbed significant attraction among the Crypto investors over the other flagship crypto assets like Bitcoin, Ethereum, Cardano.
Sol is the native token of the Solana blockchain network. Alameda Research was one of the biggest Investors in this project. In Nov 2021, FTX crypto exchange filed for bankruptcy under Chapter 11 code along with 120+ subsidiaries including FTXUS & Alameda. Currently, FTX has 1,162 million worth of Sol coins in holdings. In the past couple of months, the majority of the reports claimed that FTX had planned to liquidate its crypto holdings, including Sol holdings, and all such news created high sell pressure for the Sol coin market.
The current trade price of Sol coin is $28 & this trade price is 26% higher over the last 7 days of trade price.
The majority of the crypto analysts noted that the pump in the Sol coin price is taking silently as defying worries of a potential fire sale by bankrupt crypto exchange FTX.
After July, in the last week, Sol coin saw strong buy pressure, as per available on-chain data, currently the potential chances of liquidating these Sol coins by the FTX bankruptcy team are the same but still people are feeling less fear.
Last week FTX estate staked roughly 5.5 million SOL worth $122 million at the time, easing investor sentiment. Now people are considering that FTX will put all these Sol tokens under staking to generate more revenue to save the former FTX customers who lost funds with the FTX exchange.
FTX bankruptcy & Sol downfall
After FTX’s bankruptcy, the Sol coin faced very high pressure but it was Ethereum co-founder Vitalik Buterin who supported this crypto project & said the chain has a bright future.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
— vitalik.eth (@VitalikButerin) December 29, 2022
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive
After Vitalik’s statement, crypto investors stopped selling massive sol holdings.
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