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FTX’s 11.2M SOL Unlock Could Shake Up the Market: Report
FTX has announced that it will unlock 11.2 million SOL tokens on March 1st, which could significantly impact the market. The massive amount of tokens to be released is estimated to be valued at around $2.06 billion.
The report highlights that Galaxy, Pantera, and Figure, among other buyers, have already secured substantial returns from previous SOL purchases in FTX’s bankruptcy auctions. Notably, Galaxy acquired 25.52 million SOL tokens at a price of $64 per token, resulting in an impressive return of 187%. Similarly, Pantera and its partners purchased 13.67 million SOL tokens at an average price of $95, yielding a profit of 93%. Furthermore, Figure acquired 1.8 million SOL tokens at an average price of $102, securing an 80% return.
The upcoming unlock of these massive amounts of SOL could potentially alter the market in various ways. The actions taken by these prominent buyers may influence the trajectory of SOL’s price, and the ongoing FTX bankruptcy process is likely to have significant consequences for the cryptocurrency space.
In conclusion, the impending release of such a substantial number of tokens could have far-reaching effects on the market dynamics.
Source: cryptotale.org
