Kryptodata

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Solana experiences a 6% decline due to concerns over FTX sell-off — with a twist

Solana experiences a 6% decline due to concerns over FTX sell-off — with a twist

The price of Solana (SOL) has dropped over 6% in the past 24 hours due to concerns about a potential sell-off by bankrupt crypto exchange FTX. However, it is unlikely that FTX will dump all of its holdings at once. The FTX estate holds around $1.5 billion in crypto assets on the Solana network, with Solana tokens accounting for just $128 million. The rest of the assets consist of various Solana-based altcoins. Many users have expressed concerns about the potential sell-off, while others have urged calm, as the bankruptcy plan imposes limits on the amount that can be sold at once. The proposed plan restricts sales to a maximum of $100 million worth of tokens each week, with the possibility of raising the limit to $200 million on an individual token basis. The plan is expected to be reviewed by the Delaware Bankruptcy Court on Sept. 13.

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