FTX Alameda crisis affects coins. Alameda research of FTX can lose Solana (SOL), MATIC and stablecoins as the value of FTT token has increased by more than 78%.
Sam Bankman-Fried’s crypto exchange FTX and trading firm Alameda Research are in the thick of it. Crypto exchange Binance is set to acquire FTX as CEO Chanpeng “CZ” Zhao signs an unofficial letter of intent to help solve the problem. Meanwhile, Alameda is dropping the Solana token (SOL) to have a fall in the FTX token (FTT). On-chain data shows that Alameda will house several brands, including Polygon’s MATIC.
FTX Alameda Dumps MATIC After Solana
Alameda Research, a subsidiary of FTX, has started selling Solana (SOL) tokens after Binance CEO “CZ” announced the sale of all FTT in the next few months. This move led to a massive drain on FTX as traders began selling FTT stocks. Alameda and other FTX partners have started transferring Ethereum (ETH) to stablecoins and crypto exchanges as the ETH reserve falls to its lowest level since November 2021. Many users reported waiting for a Bitcoin stop in 5 to 10 hours. The FTT show also fell 20% in the middle of the retail market.
Alameda has started selling Solana (SOL) tokens to avoid a further drop in the price of the FTT token. Sam Bankman-Fried has $1.2 billion in SOL tokens from Alameda, now it is close to $500 million. The price of SOL has fallen 35% in the last 24 hours, reaching a low of $16.47. The company will reserve more than 47.28 million SOL tokens to be unlocked in a single day, according to Solana Compass.
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The crypto trading company transferred 2.97 million MATIC tokens worth 2.9 million to Binance. Alameda may also lose the MATIC logo again. Crypto analysts believe that the price of MATIC may fall to the $0.60 support level. Buyers should keep an eye on MATIC prices as the Alameda dump could fuel sales in Solana.
Alameda has assets worth $150.53 million in wallets, including stablecoins, ETH, BIT, and FTT tokens. It includes a large amount of SRM, OP, MATIC, MASK, SAND, and FTM tokens. Therefore, these signs can throw Alameda. MATIC’s price drops below $1
Polygon’s MATIC stock fell below $1 due to a sell-off in the market. MATIC stock is trading at $0.91, down more than 21% in the last 24 hours. The 24-hour low and high are $0.8837 and $1.23 respectively.
Solana turned upside down as the price rose more than 10% in an hour. SOL stock is trading at $19.44.
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