Oh, you thought crypto was boring? Think again! Wintermute just pulled a *whopping* $38 million worth of Solana (SOL) from Binance—just days before the biggest Solana token unlock in history. How’s that for suspense?! 🤑
According to Arkham Intelligence data, Wintermute was like, “Yeah, I’m just going to take over $38.2 million in SOL out of Binance” just a few hours before 9:02 AM UTC on February 24th. Talk about timing! ⏰
And here’s the kicker: this all happened *way* ahead of Solana’s massive $2-billion token unlock scheduled for March 1, which will flood the market with over 11.2 million SOL tokens. Why wait when you can get your crypto out early, right? 😏
Meanwhile, Solana’s price took a dive—plunging over 7.5% in the last 24 hours. It’s now at a low of $155, a price last seen in November 2024. Ouch! 😬
Now, some crypto experts are a little *concerned* that this token unlock could unleash a wave of selling pressure on Solana. Why? Well, a big chunk of the locked-up tokens were bought at a juicy discount during FTX auctions. And if you’ve ever heard of ‘buy low, sell high,’ it’s pretty safe to assume that’s what’ll happen. 💸
Solana Might Face a Fire Sale 🔥
Crypto analysts are buzzing that Solana’s upcoming token unlock could create a “fire sale” situation. Artchick.eth even mentioned that in the next three months, more than 15 million SOL—worth around $2.5 billion—will hit the market. Many of these tokens were bought at a mere $64 each during the FTX auctions by big players like Galaxy Digital, Pantera Capital, and Figure. Sweet deal, right? 😎
“The majority of this SOL was purchased from FTX auctions at $64 by Galaxy, still a very healthy profit. […] By the time this SOL unlocks, another ~$1B of SOL will be produced via inflation and likely dumped as well.”
Crypto trader RunnerXBT even chimed in, calling this a “dangerous” time to buy Solana. Why? Because firms like Galaxy Digital, Pantera Capital, and Figure stand to pocket some serious cash—$3 billion, $1 billion, and $150 million, respectively. And let’s be real—when the profit is that sweet, it’s hard not to sell! 💰
Oh, and did we mention the recent memecoin chaos? Yep, the recent *Libra* scandal is making things even worse. Apparently, $107 million got siphoned off in a rug pull, leading to a 94% crash in Libra’s price. The whole mess wiped out $4 billion in investor capital. No biggie, right? 🤦♀️
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2025-02-24 17:54