The Situation of SOL Coin in the Market After FTX Crisis

FTX’s collapse caused major fluctuations in the cryptocurrency markets, leading to significant declines in altcoins such as NEAR and SOL. As FTX started selling assets to pay off its creditors, the selling risk in the market decreased. According to a report by Bloomberg, FTX’s SOL coin sales caused a decline in the market. Debt of Crypto Exchange and SOL Coin Sales FTX sold $1.9 billion worth of SOL coins to reduce its debts. The sales took place at a time when there was significant buyer interest, and companies were trying to create funds of millions of dollars to buy these assets. The number of SOL coins held by the company decreased with the sales. FTX’s SOL Assets and Market Impact FTX reportedly held 41 million locked SOL coins, some of which were sold. It is observed that different companies are creating funds to buy these assets. Despite the decline after […]

The Situation of SOL Coin in the Market After FTX Crisis

FTX’s collapse caused major fluctuations in the cryptocurrency markets, leading to significant declines in altcoins such as NEAR and SOL. As FTX started selling assets to pay off its creditors, the selling risk in the market decreased. According to a report by Bloomberg, FTX’s SOL coin sales caused a decline in the market.

Debt of Crypto Exchange and SOL Coin Sales

FTX sold $1.9 billion worth of SOL coins to reduce its debts. The sales took place at a time when there was significant buyer interest, and companies were trying to create funds of millions of dollars to buy these assets. The number of SOL coins held by the company decreased with the sales.

FTX’s SOL Assets and Market Impact

FTX reportedly held 41 million locked SOL coins, some of which were sold. It is observed that different companies are creating funds to buy these assets. Despite the decline after FTX’s collapse, the value of Solana rose again with strong community support.

GSOL Trust’s contribution to keeping the institutional demand for Solana strong and its similar effect on maintaining investor interest in SOL coin in the long term is highlighted. Solana also has the potential to reach millions of active users with its ability to make fast and cheap transactions.

Useful Information for the Reader

FTX’s sales of SOL coins due to its debts caused price fluctuations in the market.
High buyer interest and the funds created by companies affected the asset sales process.
After FTX’s collapse, SOL coin managed to recover and rise above $200.
The fast and cheap transactions of Solana continue to attract a large user base.

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