Which Coins Will FTX And Alameda Dump? Red Flag for Solana

Solana, (SOL), is suffering from a severe price decline due to the FTT token. As a report revealed last week, the SOL token is one of the major assets on FTX’s balance sheet.

Binance’s withdrawal from the FTX deal could lead to a major sell-off of SOL. Despite concerns, the market seems to be leading the charge despite these fears. Solana (SOL), which has been down 36% in the last 24 hour, is out of the top 10 according to market capitalization.

As of press time, SOL prices had recovered from the $18.53 major support which was set between April and Juni last year. SOL dropped to $16.20 today, a low not seen since March 20,21.

Solana SOL USD
Solana plunges as low as $16.12 during the Binance 4-hour chart TradingView

FTX holds about $1.2 billion in SOL tokens – $292 million in “unlocked SOL,” $863 million in “locked SOL,” and $41 million in “SOL collateral.”

However, analysts are warning that the impending doom may get worse. Tomorrow will see the arrival of 18.775 348 SOL (the equivalent to about $330 Million). This is because in epoch370, a total 18,775,348 SOL can be removed and then presumably dumped onto the market.

The analysis service “Look On Chain” has compiled an overview of which whales will stop staking SOL.

Ran Neuner, the founder and former host CNBC Crypto Trader, said that Solana faces other serious problems.

“Market realizing that CZ now owns 10% of the tokens and that he would rather support BNB chain than SOL. Also Solana just lost all the support and investment that FTX and SBF were making in the ecosystem”, Neuner forecasted.

Alameda Could Make Other Altcoins Unprofitable

But it’s not just Solana (SOL) that seems to be in big trouble. An analysis team has compiled a list containing all Alameda ERC20 tokens which could be subject to a sell-off over the next few days.

Since Binance CEO “CZ” will only bail out FTX if the deal goes through, all Alameda assets could pose a threat to their respective markets.

The analysis service estimates that Alameda’s net worth is $222.4 million. In total, they found 56 addresses associated with Alameda that begin with “0x.” In addition, the analysts also analyzed Alameda’s assets and liabilities on Defi.

There are 13 addresses that have net assets greater than $1 million and 19 with net assets exceeding $100,000. “Excluding stablecoins, ETH, BIT and FTT are worth more than $1M. You need to focus on these tokens, she may sell at any time.”, the analysts say.

They also warn of a dump SRM, OP MATIC, MASK MASK, SAND, and FTM.

FTT is still the key focus of DeFi, but SUSHI could also be important. Alameda received 6,953,001 FTT from Abracadabra for $35.65million. Alameda also placed 4,606,611 FTT on SushiSwap. This is about $6.11million. They can always withdraw or sell it at any moment.

Alameda’s debt in DeFi space is $3.64 million. This includes 1,088,181 NEAR, which is approximately $2.75 Million. It has yet to be repaid.

Get more Crypto News at CFX Magazine