Bitcoin Crashes 55%… On Solana (SOBTC)

The wrappeds Bitcoin SOBTC evolving on the blockchain Solana are currently experiencing a sudden and brutal drop, trading at the time of writing at $7700, down from $16,700 for the “real” Bitcoin.

Since 2:30 p.m. French time, the SOBTC, i.e. the wrapped token supposed to be equivalent to the value of 1 Bitcoin on the Solana blockchain is heckled. The SOBTC even experienced a sharp drop in the early evening, touching $4,000, before rising again at the time of writing.

SOBTC is traded on decentralized exchanges (DEX) on Solana, such as Serum Where orcas.

The phenomenon, as worrying as it is unexplained for the moment, potentially concerns the more than 16,000 bitcoins evolving in this form on the Solana network, i.e. $272 million at the current price.

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