sad synchronicity – As the empire of Sam Bankman-Fried falters (FTX, Alameda Research), the projects related to the second crypto exchange are also shaking. With at the head of the gondola, Solana who recorded one of the biggest falls of the last 24 hours (-32%). Worse still, the unlocking schedule could add a little more selling pressure to the price of the SOL asset.
Good luck Solana, it’s only Wednesday
When it doesn’t want it doesn’t want it and it’s in these moments that fate continues to fight. The timing of this token unlock couldn’t have been worse. Network validators will unlock 50 million SOL at the end of the epoch 370. That is Thursday, November 10.
It is the equivalent of 929,500,000 dollars that will be withdrawn from staking, possibly to offload it on the crypto market. This represents 13% of total SOL tokens and is the second largest volume unlock in Solana’s history.
At the start of the current epoch, only 1.8 million Solana tokens were scheduled to be unlocked. An epoch lasts about two days on this blockchain.
The fall of FTX has not yet unveiled all its surprises and the collateral effects will probably be numerous. Caution is required in the markets.
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