Sam Bankman-Fried’s crypto exchange FTX and buying and selling agency Alameda Analysis are beneath a extreme liquidity crunch. Crypto alternate Binance is all set to acquire FTX as CEO Chanpeng “CZ” Zhao signed a non-binding LOI to assist with the liquidity crunch. In the meantime, Alameda is dumping Solana (SOL) tokens to comprise the autumn of FTX Token (FTT). On-chain information signifies Alameda will probably be dumping many tokens together with Polygon’s MATIC.
Alameda Dumps MATIC After Solana (SOL)
FTX subsidiary Alameda Analysis began dumping Solana (SOL) tokens after Binance CEO “CZ” announced selling all FTT holdings within the subsequent few months. The transfer triggered a large liquidity crunch on FTX as merchants began promoting FTT holdings.
Alameda and different subsidiaries of FTX began transferring Ethereum (ETH) and stablecoins to the crypto alternate because the ETH reserve falls to its lowest levels since November 2021. A number of customers reported pending Bitcoin withdrawals for 5-10 hours. FTT token additionally slumped 20% amid a market-wide selloff.
Alameda began promoting Solana (SOL) tokens to stop additional fall in FTT token worth. Sam Bankman-Fried had $1.2 billion value of SOL tokens through Alameda, now it’s virtually $500 million. SOL price tumbled over 35% within the final 24 hours, making a low of $16.47. The agency will dump extra tokens as 47.28 million SOL tokens to be unlocked in a day, as per Solana Compass.
The crypto buying and selling agency has transferred 2.97 million MATIC tokens value 2.9 million to Binance. Alameda might also dump extra MATIC tokens. Crypto analysts imagine the MATIC worth may drop again to the $0.60 help stage. Merchants must control MATIC worth as Alameda’s dump might set off promoting much like Solana.
Alameda has belongings value $150.53 million in wallets together with stablecoins, ETH, BIT, and FTT tokens. It contains important quantities of SRM, OP, MATIC, MASK, SAND, and FTM tokens. Thus, these tokens are liable to dump by Alameda.
MATIC Worth Falls Beneath $1
Polygon’s MATIC worth fell under $1 attributable to a market-wide selloff. The MATIC worth is buying and selling at $0.91, down over 21% within the final 24 hours. The 24-hour high and low are $0.8837 and $1.23, respectively.
Solana has grow to be unstable as the value bounced over 10% in an hour. The SOL worth is buying and selling at $19.44.
The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.