Will FTX Destroy Solana and Other Altcoins!? | Worst SOL Dump Ever 😬

Foreign Crypto is very much a hot mess right now We have all of the drama with Sam Bankman freed and FTX the value of the Ftt token has plummeted off a cliff and Then there's been this back and forth News between binance and the FTX Exchange that has impacted the price of Bitcoin that has impacted the price of Altcoins of course as we just saw in That Meme but see the FTX event has also Impacted the price on Solana because FTX And by extension Alameda Holdings was Purportedly also a major investor in Solana and so we've seen a very violent Drop in the token price of Saul and then In addition add to that the variable That there is a salt token release from Staking pools that is happening right Now so a lot of people were anticipating Even more Bloodshed for today we are Gonna break things down rationally and Systematically we're gonna take a look At one of our favorites Solana and it's Saul token and actually there are some Other coins that are held in the Portfolio of Alameda Holdings those are Perhaps the altcoins people ought to be More worried about there's never a dull Moment in crypto let's start with a Little bit of context here so the demise I guess you could call it at this point Of FTX this has had Ripple effects which Are spreading through the rest of the

Cryptocurrency community of course in The last 24 hours and the results have Been pretty rough if you take a look at The tvl that's the total value locked For Solana it has dropped by over 30 in The last 24 hours alone and just for Reference a year ago at this time Solana's tvl was 10.17 billion dollars quite a few Similar declines have been observed in These last 24 hours on several Significant Solana protocols including The liquid staking protocol Lido that's Down over 43 percent The Lending Protocol so lend down over 63 percent And the automated Market maker radium They're down 34 ultimately the binance FTX incident set off a cascading effect That resulted in the demise of FTX one Of the most well-known exchanges in the World binance started selling its ftt Holdings which then caused FTX to start Liquidating its Holdings to raise more Money and as of late FTX had large Interests in Solana sambachman freed who Is the CEO of FTX a name that you're Probably familiar with by this point he Even claimed that Solana was one of the Most underappreciated cryptocurrencies Solana and ethereum were sold in Enormous quantities in order to raise More capital and then according to Amber Data that's a source of data on digital Assets according to them Saul's

Seven-day implied volatility which Measures predicted price volatility over The short term that has soared to an Annualized 270 percent which is twice as High as bitcoin's 135 percent and so in Comparison to bitcoin Saul's 30-day Implied volatility has increased to 190 Percent and now the value of Saul and The realest Prospect for rather Large-scale liquidations this all has Traders understandably on edge and That's because Saul is a collateral Asset and when FTX and or Alameda when They want to raise money and they need Money right now they need liquidity they Have the option to liquidate Saul as a Collateral asset and then of course as a Result the options Market is pricing Saul versus BTC with greater volatility As a consequence and as I'm recording Here we have over 800 million dollars Worth of Saw Holdings belonging to these Solana validators who guard the Blockchain that's now becoming available Like this is happening live as I'm Speaking and the sum represents 5.4 Percent of the cryptocurrency's total Supply and even crypto.com has now Suspended all deposits and withdrawals For both tether usdt and circles usdc on Specifically the Solana Network now here Are the details surrounding that Gigantic token unlock which talking About over 60 million saw tokens worth

At this point somewhere between seven And eight hundred million dollars like I Said this unlock event is now live but Despite all of the volatility that we've Seen in the last 24 hours we're actually Noticing a pretty sizable uptick in the Last four to six hours or so but at Least at the time of this recording the Price of Saul almost paradoxically seems To be going up uh it's still early Stages this is just really the very First chapter of this unlock event and So things can certainly change from here So again this is a huge amount of Saul That is being unlocked 13 of the coins Circulating Supply it's actually going To be the second largest token unlock of Solana in terms of the number of coins Being unstaked by validators but at Least at the time of this recording it Does not yet seem to be having an impact But you know when it comes to Alameda Holdings Solana is not the whole story In fact there are a lot of other tokens Here that are arguably more at risk when It comes to Alameda we have things like Buy bit token ldos RM ftt obviously so Arguably Solana right now is not at risk From Alameda however Kraken does think That Solana might run into big problems And they remove themselves as a Validator so we're seeing a major vote Of non-confidence there but the price Action like I said at least for now is

Kind of surprisingly strong uh think of It this way Solana is a highly Centralized project and so if anything Does go wrong at least that Centralization means that the team can Pause the chain and potentially solve it So Silver Lining I suppose big private Validators are exiting the project and With fewer validators you have a higher Single party risk and that's why we saw The precipitous fall in Solana's tvl the Volume went up that was caused of course By a lot of selling pressure but who's Selling Sol right now well the number of New wallets is stable since the last Month the number of active old wallets Is also stable validators are selling And Venture capitalists are selling and That means that ogs and the team they Are not selling Saul at least not right Now and it appears as though a lot of People took advantage of the 10 Mark as A great buying opportunity so let's end With a little bit of optimism here the Fate of Solana actually looks pretty Good at least compared to the fate of Ftt and in his last attempt to save the Exchange Sam bankman freed can liquidate Yes around 500 million dollars worth of Solana which might add significant Supply pressure but other than that Solana looks like it's going to be okay To recover perhaps even to the 20 Level Perhaps even today Solana's apy is still

Just under eight percent or I should say Maybe over seven percent which is Attractive so there is a high Possibility that these validators May Return after the volatility subsides and Look since Alana doesn't have an OTC System over the counter these validators Are going to have to buy from open Markets which means quick returns of Solana to hopefully a 20 level in the Very near future again perhaps today