The price of Solana (SOL) has dropped over 6% in the last 24 hours amid concerns that bankrupt crypto exchange FTX may sell off its holdings. However, it is unlikely that FTX will dump all of its assets at once. The FTX estate holds $1.5 billion in crypto assets on the Solana network, with Solana tokens accounting for $128 million. Other Solana-based altcoins make up the rest of the holdings. Some users have expressed worries about the potential sell-off, while others have urged calm, noting that the bankruptcy plan restricts the amount that can be sold at once. The proposed plan allows for a maximum of $100 million worth of tokens to be sold each week, with the possibility of raising that limit on an individual token basis. The plan is yet to be approved by the courts and will be discussed on September 13. Solana is currently trading at $18.38, down nearly 11% for the week.
Summary:
– The price of Solana has fallen over 6% due to concerns about FTX selling off its holdings.
– FTX holds $1.5 billion in crypto assets on the Solana network, with Solana tokens accounting for $128 million.
– Users are worried about the potential sell-off, but others have noted that the bankruptcy plan restricts the amount that can be sold at once.
– The proposed plan allows for a maximum of $100 million worth of tokens to be sold each week, with the possibility of raising that limit on an individual token basis.
– The plan is yet to be approved by the courts and will be discussed on September 13.
– Solana is currently trading at $18.38, down nearly 11% for the week.
