The $1.57 Billion Solana Token Dump (And Why It Matters)

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Breaking News: Buckle up, Solana enthusiasts! A whopping 11.2 million SOL tokens—worth a casual $1.57 billion—are hitting the market today. Why? Oh, just another thrilling chapter in the never-ending FTX bankruptcy saga. 🎭

If you think this is just another day in crypto, think again. Fun fact: the FTX bankruptcy is shaping up to be one of the priciest Chapter 11 meltdowns in U.S. history. Yes, you heard that right—our wallets are crying just thinking about the legal fees. 💸

An Avalanche of Solana That Could Shake Things Up

Okay, let’s crunch some numbers because what’s life without a sprinkle of panic? These unlocked tokens represent 2.2% of Solana’s circulating supply, which stands at 488 million. That’s not just a drop in the bucket; that’s the bucket tipping over. 🚿

But wait, there’s more! The FTX estate isn’t done yet. April 1 will bring a cute little unlock of 12,700 SOL, followed by 73,700 SOL on May 1. Think of it as an extended season of your least favorite show. 📅

All these tokens were part of FTX’s collection, previously sold off at bargain-bin prices during auctions. Because when your crypto empire crumbles, why not throw in a clearance sale? 🛒

Solana tokens breaking free

Here’s the juicy part: Sunil Kavuri, a creditor advocate, shared that 41 million locked SOL were auctioned off. Buyers? Oh, just some low-key names like Galaxy Digital and Pantera Capital. 👀

Galaxy Digital snagged a cool 25.5 million SOL at $64 per token. Cheaper than your Netflix subscription, but hey, now worth $144 each. As for Pantera and co.? They got their SOL fix for around $95. And Figure? $102 per SOL. It’s like Black Friday for crypto. 🤑

SOL token buyers at auction

Arthur Cheong of DeFiance Capital chimed in on the action, confirming he caught some of Galaxy’s SOL sale at $64 a piece. Here’s the kicker—he’s not selling a single token. Why? He thinks the price will skyrocket in three months. Bold move, Arthur. 🚀

“Participated in the SOL OTC deal at $64 via Galaxy and received the bullet unlock today. Not selling a single one of them. I think it will be substantially higher in 3 months,” proclaimed our resident optimist, Mr. Cheong. 🚨

But, let’s not ignore the elephant in the room: the millions of freshly unlocked SOL tokens crashing the party could trigger some major selling pressure. We’re talking tsunami-of-tokens levels here. 🌊

The past week hasn’t exactly been sunny for Solana’s price, which dropped to a four-month low of $136. But look at it go—it rebounded to $140 as of press time. A recovery, or the calm before a storm? Stay tuned. 🧐

Meanwhile, FTX’s bankruptcy proceedings are finally dishing out initial creditor distributions, which would be lovely if their legal fees weren’t barreling toward an eye-watering $1 billion. How’s that for a price tag on poor decision-making? 💼💀

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2025-03-01 17:16