Solana’s price has dropped over 6% in a day as the market worries about the potential liquidation of FTX’s crypto assets on the Solana network.
FTX is a bankrupt crypto exchange that used to be run by Sam Bankman-Fried. Solscan, a data provider, has calculated the value of FTX’s three cold storage wallets that are publicly accessible. The total amount is $1.5 billion, of which only $128 million is in Solana tokens.
The rest are various altcoins that run on Solana, such as wBTC, MAPS, SRM and others. These are sometimes called “Sam coins” because they are associated with Bankman-Fried.
The market fears that the liquidators may soon sell off these SOL and SOL-based tokens, which could cause a price crash.
Some users expressed their anxiety on X (the new name for Twitter). “FTX about to dump $680 mil worth of SOL,” wrote one user. “SOL is going to dump hard after FTX sells its bag, going to reach 14$ soon,” said another.