<p>A recent disclosure by a former FTX employee has sent shockwaves through the crypto community. A whistleblower has reportedly disclosed a startling revelation about FTX and Solana. </p> 
<p>The now-bankrupt FTX exchange holds a substantial 8% stake in the total supply of&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/31/secs-stance-on-solana-remains-ambiguous-how-will-sol-be-impacted/">Solana (SOL)</a>. SOL, as we are aware is the fifth-largest cryptocurrency by market capitalization.</p> 
<p>This hidden cache of Solana tokens has raised alarms about the potential for massive price volatility and market instability. According to the insider information shared on X (formerly Twitter), FTX had secretly amassed approximately 8% of the entire SOL supply. However, this fact was previously unknown to the public.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">𝟲,𝟬𝟬𝟬,𝟬𝟬𝟬,𝟬𝟬𝟬 𝗶𝗻 𝘀𝗲𝗹𝗹 𝗽𝗿𝗲𝘀𝘀𝘂𝗿𝗲 𝗼𝗻 𝗦𝗼𝗹𝗮𝗻𝗮 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>&nbsp;<br>A <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw">#FTX</a> whistleblower revealed that FTX has a secret holding of 8% of Solana supply.<br>&nbsp;<br>This information was not publicly known, and if this is true, then it could crash the price of <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a>.<br>&nbsp;<br>What are… <a href="https://t.co/21svgTht4l">pic.twitter.com/21svgTht4l</a></p>— Wise Advice (@wiseadvicesumit) <a href="https://twitter.com/wiseadvicesumit/status/1819261550466630021?ref_src=twsrc%5Etfw">August 2, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>This revelation has sparked concerns among analysts and investors. They are now grappling with the implications of such a significant holding by a now-defunct exchange.</p> 
<h2 class="wp-block-heading" id="h-market-reactions-and-potential-impacts"><strong>Market Reactions and Potential Impacts</strong></h2> 
<p>As of August 2, 2024, Solana was trading at $163.39, reflecting a 4.29% decline in the past 24 hours and an 8.3% drop over the past week. The 24-hour trading volume for SOL was recorded at $4,222,095,694, with a market capitalization of $75,869,120,417, placing it fifth on CoinGecko’s rankings.</p> 
<p>The crypto community on X swiftly responded to the news of FTX’s concealed Solana stash. Many believe that if FTX decides to liquidate its SOL holdings, the market could be swamped with sell orders, possibly triggering a severe price crash. </p> 
<p>X user Kelvin noted, “if that’s true, then this will create another opportunity for anyone who missed the first opportunity to buy more SOL.”</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="803" height="1024" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-803x1024.png" alt="Source: @wiseadvicesumit X" class="wp-image-643194" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-803x1024.png 803w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-235x300.png 235w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-768x979.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-1205x1536.png 1205w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-1606x2048.png 1606w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-150x191.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-300x383.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-696x887.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-1068x1362.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1-1920x2448.png 1920w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-3-1.png 2000w" sizes="(max-width: 803px) 100vw, 803px">
 <figcaption class="wp-element-caption">
  <em>Source: @wiseadvicesumit X</em>
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</figure> 
<p>The scale of FTX’s reported Solana stake means that even a partial liquidation could trigger significant price volatility and market panic.</p> 
<h2 class="wp-block-heading" id="h-solana-s-network-performance-amidst-the-turmoil"><strong>Solana’s Network Performance Amidst the Turmoil</strong></h2> 
<p>Despite the looming threat of a price drop, Solana’s network continues to demonstrate robust performance.&nbsp;</p> 
<p><a href="https://defillama.com/chain/Solana?txs=true&amp;tvl=true" target="_blank" rel="noreferrer noopener">According</a>&nbsp;to DefiLlama, Solana generated $25 million in transaction fees over the past week, surpassing Ethereum’s $21 million. This performance highlights Solana’s strong network usage and adoption, with over 250 million transactions per month recorded in July and early August.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="492" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-1024x492.png" alt="Solana DeFi TVL &amp; TXs. Source; DeFiLlama" class="wp-image-643203" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-1024x492.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-300x144.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-768x369.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-1536x737.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-150x72.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-696x334.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-1068x513.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1-1920x922.png 1920w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-4-1.png 2000w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  <em>Solana DeFi TVL &amp; TXs. Source; DeFiLlama</em>
 </figcaption>
</figure> 
<p>Solana’s total value locked (TVL) stands at $5.08 billion, with a stablecoin market capitalization of $3.255 billion. In the past 24 hours alone, the network has generated $1.46 million in fees and $731,912 in revenue, with a trading volume of $1.438 billion and inflows of $911,562. </p> 
<p>The network also boasts 1.21 million active addresses in the past 24 hours, reflecting its ongoing growth and user engagement.</p> 
<h2 class="wp-block-heading" id="h-analyst-predicts-a-potential-bearish-turn-for-solana"><strong>Analyst Predicts a Potential Bearish Turn for Solana</strong></h2> 
<p>Solana (SOL) has enjoyed a strong upward trend for several months, but recent technical insights suggest that this rally might be losing steam. </p> 
<p>Crypto analyst Bluntz Capital has raised red flags, indicating that Solana could be forming a “complacency shoulder” within a larger macro B wave pattern, which might hint at an impending bearish phase.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">ooft, first look at <a href="https://twitter.com/search?q=%24sol&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$sol</a> in a while and i think that whole multi month grind up looks like a complacency shoulder macro B wave on usd pair and btc pair.<br><br>still no 5 wave decline on the lower timeframes "yet" but its not awe inspiring for the broader market when a former bull… <a href="https://t.co/GQNxI1UX8G">pic.twitter.com/GQNxI1UX8G</a></p>— Bluntz (@Bluntz_Capital) <a href="https://twitter.com/Bluntz_Capital/status/1818826601154724068?ref_src=twsrc%5Etfw">August 1, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Bluntz’s analysis points to potential declines towards crucial support levels, such as $85, advising caution for traders and investors. Although Solana has seen a notable 16% gain in the past 30 days, with its current market value around $170, Bluntz warns that the lack of a confirmed five-wave decline on shorter timeframes casts doubt on the sustainability of the bullish trend.</p> 
<p>Bluntz suggests that Solana’s outlook could improve if it manages to surpass its recent high of $195.&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/28/solana-sol-price-breaks-out-eyeing-to-capture-200-mark/">Breaking through $195</a>&nbsp;could signal a “crisis averted,” Bluntz remarked. “Until then,beware,” he added</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/03/8-of-solanas-supply-is-with-ftx-can-sol-price-dip/">8% of Solana’s Supply is With FTX? Can SOL Price Dip?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

8% of Solana’s Supply is With FTX? Can SOL Price Dip?

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