Market sentiment surrounding the Solana ecosystem has further soured, as next month FTX will unlock over $11 million worth of SOL, valued at nearly $2 billion.
With the recent downfall of meme coins in the network, the Solana ecosystem has been under tremendous pressure. Reports of insider trading and fraudulent collaborations among investors have been trending, contributing to a negative bias.
From a perspective, tongues have begun to wag regarding the
Libra token saga
involving Argentine President Javier Milei. To add to the skepticism, the decentralized exchange Jupiter acknowledged prior knowledge of the token launch, confirming a perfect rug pull.
The resulting clamor has negatively impacted
social sentiment
and prices, leading Solana to face yet another potential setback. Notably, the bankrupt assets of the defunct exchange FTX have revealed plans to unlock 11.2 million SOL, thereby increasing the circulating supply of the coin.
Solana faces an 8% unlock of its circulating supply.
With FTX’s repayment
process
ongoing, creditors have received $1.2 billion prior to the exchange’s collapse. Meanwhile, the bankrupt exchange is set to unlock 112 million SOL on March 1st, to be sold at auction to repay customers.
The 11.2 million $SOL from the FTX bankruptcy auction will be unlocked on 03/01, valued at $2.06 billion.
