A wallet associated with the defunct crypto exchange FTX and its sister company Alameda Research has redeemed 177,693 Solana (SOL) tokens, valued at approximately $23.75 million, from the Solana Proof-of-Stake (PoS) network.<\/p>\n
The movement, highlighted by PeckShield in a September 12 post<\/a> on X, has reignited speculation within the crypto community about a potential selloff of the tokens.<\/p>\n Additional data<\/a> from Solscan shows that the wallet in question, H4y\u2026gFZ, still holds 7.057 million SOL, valued at around $954 million, currently staked.<\/p>\n This recent activity echoes similar moves in November and December 2023 when the same address unstaked significant amounts of SOL and transferred them to Coinbase.<\/p>\n It has caused speculation within the crypto community about a potential selloff, as market participants typically move their tokens to centralized exchanges (CEXs) for liquidation after unstaking them.<\/p>\n However, some analysts believe it may not have a major impact on SOL\u2019s price as the amount unstaked is relatively small compared to the total holdings of the wallet, which accounts for 1.5% of the asset\u2019s circulating supply.<\/p>\n Furthermore, it is expected that any future sales by the FTX estate could be conducted through over-the-counter (OTC) deals<\/a>, reducing the likelihood of a sharp market reaction.<\/p>\n The timing of the unstaking comes as FTX and its executives continue to face intense legal scrutiny. Former Alameda CEO Caroline Ellison is scheduled for sentencing<\/a> on September 24 after pleading guilty<\/a> to all charges related to the exchange\u2019s collapse.<\/p>\n Despite the legal drama and concerns regarding the unlocking, the SOL price has largely remained stable, even seeing a 5% increase over the past 24 hours to $135. Additionally, the token\u2019s price is up by more than 650% on the yearly chart.<\/p>\n Following a notable performance in 2023, the fifth-ranked cryptocurrency has delivered more modest gains in 2024. After peaking<\/a> at $209 in March, coinciding with Bitcoin\u2019s new all-time high, it has experienced a downward trend. The price is currently stabilizing around $130, potentially setting the stage for a future rebound.<\/p>\n For the token to see significant price increases<\/a>, several factors will need to align, including advancements in network technology, a resurgence of meme coins, increased institutional investments, and possible ETF launches.<\/p>\n The surge<\/a> in meme coin interest was a key driver of its rise to $200 in March. Should these catalysts materialize, market watchers believe there is potential for its price to reach $1,000 by 2025.<\/p>\n The post FTX Unstakes $23M Worth of SOL, Is a Potential Solana Dump Imminent?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" A wallet associated with the defunct crypto exchange FTX and its sister company Alameda Research has redeemed 177,693 Solana (SOL) tokens, valued at approximately $23.75 million, from the Solana Proof-of-Stake (PoS) network. The movement, highlighted by PeckShield in a September 12 post on X, has reignited speculation within the crypto community about a potential selloff […]<\/p>\n","protected":false},"author":0,"featured_media":6112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6111"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6111"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6111\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6112"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Speculation Rises After FTX\/Alameda Wallet Movements<\/h2>\n
Legal Troubles Continue for FTX Executives<\/h2>\n