Massive Selloff
FTX, the defunct crypto exchange, recently sold a whopping two-thirds of its Solana (SOL) holdings for a hefty discount. The sale raised $1.9 billion for the company, which is facing a mountain of debt.
Key investors like Galaxy Trading and Pantera Capital snapped up the SOL tokens at $64 each, a whopping 63% below the market price.
Preventing a Price Crash
To prevent a catastrophic price drop, the remaining SOL tokens are locked up for four years, with a gradual release schedule until 2028. FTX still holds 21 million SOL tokens, worth around $3.75 billion at current prices.
Solana’s Rollercoaster Ride
FTX’s collapse in 2022 sent shockwaves through the Solana ecosystem. However, the cryptocurrency has rebounded and is now challenging Ethereum as the top altcoin.
Growing Ecosystem
Solana’s ecosystem has expanded significantly, with a surge in meme coin popularity and growth in the DEX and DeFi sectors. Its DEX trading volume skyrocketed by 332% and its market cap increased by 97% in the past quarter.
Current Price
At the time of writing, SOL is trading at $179.12, up 1.25% in the past 24 hours.
