FTX/Alameda Wallet Redeems SOL Worth $28 Mln, Huge Amounts Still Left In Staking

Despite the heavy transaction, a majority of the funds are still left in the account's holdings with 7.09 million SOL, or US$1.107 billion, being staked at the moment. The market reaction to the token redemption came in rather mute as Solana continued its upward trajectory.

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Nausheen Thusoo
Nausheen Thusoo
Nausheen has three years of devoted experience covering business and finance. She is aware of the constantly changing financial landscape, especially in the rapidly growing cryptocurrency space. Her ability to simplify difficult financial ideas into understandable stories and her analytical thinking make her articles valuable for both novice and experienced readers.She has written about a wide range of subjects, including investing methods, market trends, and regulatory changes pertaining to the cryptocurrency industry. She has worked with Reuter, Coingape and Bankless times. Nausheen blends a talent for narrative with meticulous research skills. She is also skilled at establishing connections with business leaders so they can offer unique perspectives and interviews that enhance their reporting

A cryptocurrency wallet purportedly associated with Alameda Research and the bankrupt crypto exchange FTX has redeemed 178,631 SOL worth $28 million on October 15th.

A majority of these funds are anticipated to go to Coinbase or Binance. Every month between the 12th and the 15th, approximately 170K Solana are redeemed and moved out of this location.

Despite the heavy transaction, a majority of the funds are still left in the account’s holdings with 7.09 million SOL, or US$1.107 billion, being staked at the moment.

The redeeming of the SOL assets comes at a time when the price of the coin is up. At the press time, Solana is trading at $155.07, being up 1.3% as compared to the same time last day.

The market reaction to the token redemption came in rather mute as Solana continued its upward trajectory without showing any signs of disruption. This upward momentum in Solana’s price trajectory comes after an 8.4% surge in the past seven days and a 13.1% surge in the past one month.

FTX And Solana: What Was The Connection?

FTX held a significant quantity of SOL tokens before its collapse in November 2022, making it intimately associated with the Solana blockchain.

From that time on, FTX has been progressively cutting down on its holdings of SOL. Previous reports suggested that part of the assets were sold through over-the-counter (OTC) transactions in order to minimize market turbulence.

This week’s transaction is also consistent with earlier withdrawals made by the same wallet.

Solana Price: Will It Keep Rising In The Future?

Experts at present predict that Solana will keep expanding due to rising popularity, the need for quick blockchain solutions, advancements in technology, and endorsements from powerful people.

SOL, Solana’s native coin, is used for services, dApps, safety, oversight, and transaction fees. Thanks to the network effect and a market worth of almost $72 billion, SOL is currently the fifth-largest cryptocurrency by market capitalization.

In the coming month, the price of Solana is expected to increase by 13.58% thanks to the current momentum. The coin’s technical indicators reveal that the mood is bullish right now, and the Fear & Greed Index is 65 (Greed).

Solana had 5.06% price volatility and 15 out of 30 (or 50%) green days over the preceding 30 days. As of right now, Solana’s technical analysis indicates 27 positive signals and 2 negative signals.

Also Read

FTX Unstakes Over $1 Billion Worth Of Solana Amid Bankruptcy Proceedings

FTX Token Skyrockets 80% in 7 Days, Court Hearing Anticipation Builds

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