- The Solana (SOL) value crash was brought on by FUD surrounding alleged FTX holdings.
- The whistleblower alleged that FTX holds 8% of Solana’s token provide.
- SOL costs have fallen 23% in six days, following the general cryptocurrency market downturn.
Solana (SOL) plummeted final week, fueled by the Solana FUD (concern, uncertainty, and doubt) syndrome sparked by the latest revelation that the SOL token was linked to the now-defunct FTX change. This sudden reversal got here after a latest rally that noticed Solana rise by over 60% in lower than a month.
The mixture of FUD surrounding Solana and the worth crash has brought on panic within the crypto neighborhood, with some customers involved that the FTX connection may put additional bearish strain on SOL and delay the Solana value crash.
Crypto analyst Mezoteric highlighted the gravity of the scenario on Twitter, suggesting that the FTX-related revelations may lead to a $6 billion promoting strain on Solana:
— Mezoteric (@mezoteric) August 1, 2024
breaking information
SOLANA is on the verge of chapter after an FTX whistleblower revealed that the corporate nonetheless holds 8% in secret wallets.
That's $6 billion in promoting strain.
That is unhealthy. pic.twitter.com/ro5enT0Mx8
Mezoteric shared…
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