FTX-Alameda Crisis This could kill SOLANA!
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Questions often come up, what do you think about SOL, is it worth opening positions or even buying for the long term. Guys I am writing this especially for you to make it clear! Yes, this is a speculative asset and here you can act locally on ETH and Bitcoin rebounds, well, if you are without experience and knowledge, it’s better to think 100 times before entering this asset at this point in time. Now I will try to explain why.
I will try to write briefly and clearly, this story is now heard from everywhere, so perhaps you will not see anything new for yourself.
Everyone has probably heard about the FTX exchange and what happened to their CEO Sam Bankman, he went bankrupt.
The chart shows that the price of SOL has lost 68% and this is all due to the collapse of FTX.
SOLANA is also most likely to collapse!
The fact is that the Solana network is supported by Alameda Research, which, along with FTX, is owned by Sam Bankman-Fried. And the whole nasty chain of events that led to the hasty decision to take over FTX by its rival Binance was fueled by reports that cast doubt on Alameda's balance sheet. In addition, SOL may have another problem.
Quoting one of the sources:
Withdrawal from staking will kill the coin:
Investors are bracing for a surge in selling pressure with the issuance of 80 million SOL coins from staking contracts. This amount was not introduced to the market immediately; instead, the whales are more likely to split it across multiple trading platforms.
However, the result of releasing millions of SOLs to the market will inevitably lead to increased selling pressure going forward. This will keep retail investors away from the project.
In addition, there was an increase in the number of validators who closed their positions after the release of 80 million SOL tokens. This means that the tension in the market will increase significantly.
Will the asset recover in the near future?
First, investors are in a state of fear. And with 80 million additional SOL tokens hitting the markets, it doesn't look too good for the project and its investors. In addition, SOL is currently the biggest loser on the weekly charts among the top 100 tokens.
Nothing in the project is credible, at least for now. In addition, the overall cryptocurrency markets are at their lowest level in years. The way out of this predicament will no doubt take considerable time. Moreover, we still do not know the full extent of the FTX infection.
In general, guys, there is only one conclusion: you should not look at this project at all even if you want to invest a very small amount and expect to catch some kind of rebound and thinking that everything will return to its place and the asset will again fly into space. Until Sam solves his problems, you can forget about the project!
Questions often come up, what do you think about SOL, is it worth opening positions or even buying for the long term. Guys I am writing this especially for you to make it clear! Yes, this is a speculative asset and here you can act locally on ETH and Bitcoin rebounds, well, if you are without experience and knowledge, it’s better to think 100 times before entering this asset at this point in time. Now I will try to explain why.
I will try to write briefly and clearly, this story is now heard from everywhere, so perhaps you will not see anything new for yourself.
Everyone has probably heard about the FTX exchange and what happened to their CEO Sam Bankman, he went bankrupt.
The chart shows that the price of SOL has lost 68% and this is all due to the collapse of FTX.
SOLANA is also most likely to collapse!
The fact is that the Solana network is supported by Alameda Research, which, along with FTX, is owned by Sam Bankman-Fried. And the whole nasty chain of events that led to the hasty decision to take over FTX by its rival Binance was fueled by reports that cast doubt on Alameda's balance sheet. In addition, SOL may have another problem.
Quoting one of the sources:
Withdrawal from staking will kill the coin:
Investors are bracing for a surge in selling pressure with the issuance of 80 million SOL coins from staking contracts. This amount was not introduced to the market immediately; instead, the whales are more likely to split it across multiple trading platforms.
However, the result of releasing millions of SOLs to the market will inevitably lead to increased selling pressure going forward. This will keep retail investors away from the project.
In addition, there was an increase in the number of validators who closed their positions after the release of 80 million SOL tokens. This means that the tension in the market will increase significantly.
Will the asset recover in the near future?
First, investors are in a state of fear. And with 80 million additional SOL tokens hitting the markets, it doesn't look too good for the project and its investors. In addition, SOL is currently the biggest loser on the weekly charts among the top 100 tokens.
Nothing in the project is credible, at least for now. In addition, the overall cryptocurrency markets are at their lowest level in years. The way out of this predicament will no doubt take considerable time. Moreover, we still do not know the full extent of the FTX infection.
In general, guys, there is only one conclusion: you should not look at this project at all even if you want to invest a very small amount and expect to catch some kind of rebound and thinking that everything will return to its place and the asset will again fly into space. Until Sam solves his problems, you can forget about the project!
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