FTX, the now-bankrupt crypto exchange, has recently made headlines by moving $23 million worth of Solana (SOL) after a recent token unlock. This has raised concerns among investors, as it could significantly affect the Solana market.
With the potential for SOL’s value and stability to be impacted, many SOL holders are now looking for ways to protect their investments through a new token. Read on to learn about this new token!
FTX Unstakes $23 Million in SOL: Could a Major Sale Be Coming Soon?
A wallet linked to FTX and its affiliate Alameda Research unstaked 177,693 Solana tokens, valued at approximately $23.75 million, from the Solana Proof-of-Stake (PoS) network. Data on Solscan identified the wallet as H4y and gFZ.
Typically, after being unstaked, tokens are moved to exchanges for sale. Yet, FTX has not yet transferred its unstaked Solana holdings. This recent transaction has stirred concerns that FTX might be gearing up to sell off additional Solana tokens, echoing its previous actions.
Earlier this year, FTX sold parts of its Solana assets to institutional investors like Galaxy Trading and Pantera Capital. Similar movements were observed in November and December 2023, when significant amounts of SOL were unstaked and transferred to Coinbase.
What stands out in this latest transaction is that the 177,693 SOL represents only a small fraction of the wallet’s total holdings. Data reveals that the FTX-associated wallet still holds 7.1 million SOL, worth about $953 million. This large reserve could significantly affect SOL’s price if it were to be unstaked and sold.
FTX-associated wallet holding 7.1 million SOL. Source: Solscan
Adding to the intrigue, the timing of this unstaking aligns with an upcoming hearing for former Alameda CEO Caroline Ellison on September 24, 2024. Reports suggest that Ellison’s cooperation with legal proceedings might lead to a reduced sentence, with her attorneys arguing that she poses no threat to public safety and has demonstrated genuine remorse and willingness to accept responsibility.
This unfolding situation has fueled speculation about FTX’s potential plans for its Solana holdings and the impact on SOL’s market value. If FTX decides to transfer more unstaked SOL to exchanges, it could create considerable selling pressure, potentially driving down prices.
Despite ongoing legal challenges, the price of SOL has remained relatively stable. At the beginning of September, SOL was trading between $135.37 and $136.00 but experienced a 6.42% drop within 24 hours, falling to $127.27.
Over the next five days, it declined further by 2.36% to $124.27. However, by September 14, SOL had rebounded, gaining 12.44% and climbing to $139.73. In response to this volatility, SOL holders are now exploring new tokens as a way to hedge their positions.
Solana Investors Turn to FXGuys for Hedging, Eyeing 10,000% Growth Potential
FXGuys is the first decentralized forex trading platform developed for users to earn through profit sharing. The platform provides up to $200,000 in trading capital, giving traders an 80% share of the profits, while FXGuys takes 20%. As traders continue to grow their accounts and consistently generate profits, they can unlock an even larger portion of the earnings.
The excitement around FXGuys is largely fueled by its native token, $FXG. This token’s value is influenced by market dynamics such as supply and demand.
One of FXGuys’ unique features is its Trade2Earn model, which allows traders to earn $FXG tokens with every trade, regardless of whether it’s profitable. Accumulated tokens in your dashboard wallet can be redeemed for trading perks, such as lower profit targets, higher drawdown limits, and other tools designed to enhance your trading performance.
As more traders join FXGuys and want these perks, the value of $FXG could increase further. With its growing ecosystem, $FXG has a lot of growth potential in the digital trading world.
The official Stage 1 of its public presale is set to begin in ten days, with prices rising through subsequent stages: $0.03 in Stage 1, $0.04 in Stage 2, $0.05 in Stage 3, $0.06 in Stage 4, $0.07 in Stage 5, and $0.08 in Stage 6, reaching $0.10 at launch.
Crypto Goldmine: $FXG Presale Could Yield Up to 10,000% Returns!
With Solana potentially heading toward a downtrend, investors are increasingly optimistic about $FXG’s growth potential. Experts forecast that $FXG could experience a surge of up to 10,000% when it becomes available on major centralized and decentralized exchanges. Is there a better opportunity elsewhere? Absolutely not!
To find out more about FXGuys follow the links below:
Website | Whitepaper | Socials | Audit
Exclusive FXGuys Promo Code:
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