Solana

Solana’s price fell by around 7% during the last 24 hours after bankrupt FTX transferred 250,000 SOL tokens, worth approximately $14 million, to the Kraken crypto exchange on Nov. 13, according to on-chain data.
Blockchain analytical firm Peckshield <a href="https://x.com/PeckShieldAlert/status/1724262656398512442?s=20" rel="noopener noreferrer nofollow">corroborated</a> this report, adding that FTX also transferred $3.99 million USDT to Binance and Wintermute during the last 24 hours.
These transactions follow a similar trend observed over the past several weeks. The bankrupt crypto firm has rapidly divested its crypto holdings, moving more than $300 million worth of assets. CryptoSlate <a href="https://cryptoslate.com/ftx-transfers-316-million-in-crypto-with-solana-leading-the-outflows/" rel="noopener noreferrer nofollow">reported</a> that Solana accounts for more than half of these transfers, with the exchange moving 4.8 million SOL tokens, equivalent to $187 million, as of Nov. 8.
Nevertheless, the rapid sell-off may ease as the number of SOL tokens held in FTX’s public addresses on the Solana blockchain has dwindled to 3,408 tokens, valued at approximately $185,000, according to on-chain analyst <a href="https://twitter.com/lookonchain/status/1724246594718138763" rel="noopener noreferrer nofollow">Lookonchain</a>.
Previously, the FTX estate boasted over $1 billion of Solana in its asset portfolio, establishing the cryptocurrency as its most substantial digital asset holding.
<h2 id="solana-takes-a-beating">Solana takes a beating.</h2>
Solana’s current upward price movement has ground to a sudden halt during the last 24 hours, with its value declining by more than 7% to $54.27 as of press time, according to CryptoSlate’s data.
Over the past month, SOL’s value <a href="https://cryptoslate.com/solana-surges-18-to-hit-new-yearly-high-above-63/" rel="noopener noreferrer nofollow">has risen by around 170%</a> and over 500% on the year-to-date metrics amid the growing market optimism about the potential approval of a spot exchange-traded fund.
Solana’s robust price gains have led to a surge in fresh adopters, heightened liquidity, and a burgeoning fascination with its blockchain technology, enjoying <a href="https://cryptoslate.com/shopify-integrates-with-zero-fee-solana-pay-prompting-businesses-to-adopt-crypto-transactions/" rel="noopener noreferrer nofollow">adoption</a> from major traditional institutions.
Additionally, decentralized finance activities on the blockchain are <a href="https://cryptoslate.com/solanas-defi-protocols-break-new-ground/" rel="noopener noreferrer nofollow">returning to previous highs</a>, with the total value of assets locked on the network now exceeding $500 million, its highest level since FTX collapsed last year, according to DeFillama <a href="https://defillama.com/chain/Solana" rel="noopener noreferrer nofollow">data</a>.
The post <a href="https://cryptoslate.com/ftxs-solana-sell-off-triggers-7-price-drop-in-crypto-asset/" rel="noopener noreferrer nofollow">FTX’s Solana sell-off triggers 7% price drop in crypto asset</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

FTX’s Solana sell-off triggers 7% price drop in crypto asset

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