After FTX’s fall from grace back in 2022, many feared a total crypto market collapse. One token particularly affected at the time was Solana, which FTX held millions of. Now, after SOL tokens were recently unstaked by an FTX-affiliated wallet, investors are bracing for a drop in SOL’s price. 

But will this actually hurt SOL, and where are investors turning instead? Join us as we explore these questions and what the next big crypto breakthrough might be: Raboo.

FTX’s 177k SOL tokens hit the market

Solana has been a top performer in the market this year. It rose alongside many Solana-based meme coins between September 2023 and March. SOL’s price skyrocketed from around $18 in September to peak at more than $200 in March. That’s because meme coins chose Solana for its high-speed, low-cost network. 

However, SOL investors have recently raised concern after an FTX-affiliated wallet redeemed around 177K SOL on the 12th of September. Those were worth roughly $24 million at the time of writing. Some highlight the potential for a further bearish push, given that SOL is nearing the bottom of its range, which has been formed since March’s high.

Following the news, SOL’s price dipped slightly before rising to weekly highs, valued at $130 right now. To put things into perspective, FTX still holds around 7 million SOL tokens in staking, worth almost a billion. So, there is potential for a further dip as these SOL tokens enter the market. It is still a drop in the ocean compared to the total FTX crypto holdings.

In the meantime, Solana’s fundamentals remain strong. It still has almost $5 billion in total value locked. The number of active addresses on the network has also shot up recently. They rose from around 950k a month ago to 3.8 million today.

Raboo wows investors after raising more than $2.4 million

While the outlook is somewhat uncertain for Solana, investors have found safety in the ongoing Raboo presale. Jumping 90% after thousands of investors piled more than $2.4 million into $RABT, Raboo is currently in the 5th stage worth $0.0057. However, while there’s still an estimated 143% left before the presale concludes, some analysts think Raboo has 100x written all over it.

Raboo is a new AI-based meme coin built on the Ethereum network. It uses an AI tool known as Rabooscan to find and collect the hottest memes on social media. Investors can then generate memes using a custom-built AI model, entering them into regular competitions and sharing them under Raboo’s Post-to-Earn scheme to earn additional $RABT tokens.

Raboo uses these features to stand out in the crowded meme coin market. Still, these avenues for profit are just the beginning—upcoming staking, NFTs, and a deflationary token-burning mechanism are each designed to offer maximum value. For the cherry on top, Raboo comes with no buy or sell taxes and a smart contract fully verified by SOLIDProof. 

With the presale nearing its conclusion, the hype around $RABT is heating up. Exchange listings are around the corner, and many think this could be the next big crypto breakout in the making. Don’t miss out on a limited opportunity to secure $RABT at bargain prices.

You can participate in the Raboo presale here.

Telegram: https://t.me/RabootokenPortal

Twitter: https://twitter.com/Raboo_Official

In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.” 

Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.

SOL Tokens’ Four-Year Journey

Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate. 

Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately $620 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.

It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting period, preventing them from being available for trading on the market. 

According to Bloomberg, these tokens will gradually become available for sale over the course of four years, which could significantly impact SOL’s price action. However, as the tokens remain locked, SOL’s 739% year-to-date (YTD) uptrend remains intact, and the possibility for further gains remains in the cards.

Solana Sale Garners Interest From Prominent Figures

FTX co-founder Sam Bankman-Fried, convicted of fraud and sentenced to 25 years in prison, was a major supporter of SOL. 

As previously reported, Bankman-Fried has actively engaged with guards at the Metropolitan Detention Center, where he is currently incarcerated. He offers investment advice and recommends SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol. 

The token, which operates on the Solana blockchain, constituted a significant portion of the digital assets stranded on the collapsed exchange, creating shockwaves throughout the crypto markets. 

In addition to Galaxy Digital, Bloomberg notes that selling SOL tokens has attracted the attention of Pantera Capital. This $5.2 billion asset manager has reportedly raised capital for a special fund to acquire up to $250 million of SOL from the FTX estate. 

Vancouver-based Neptune Digital Assets Corp. also announced the purchase of 26,964 SOL tokens for $1.7 million on March 27. However, FTX creditors are concerned they will be under-compensated in the SOL sale process. 

Creditors Dispute FTX Bankruptcy Ruling

In January, the judge overseeing the bankruptcy case ruled that the amount of each claim should be based on what the customer or creditor was owed on the day FTX filed for bankruptcy. At that time, SOL was trading at about $16, well below its current market price.

As the price of SOL rallied in recent months, this discrepancy became a point of contention for some creditors. One creditor, Sunil Kavuri, expressed during Bankman-Fried’s final sentencing hearing that the SOL coins are “our property.” 

Another creditor, whose name was redacted in court documents, stated in a written statement that the FTX estate is “giving away money for free to hedge funds.” In a recent interview, Bankman-Fried claimed the following regarding clients’ growing concerns about underpayment: 

I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price. That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day. 

Currently, the price of SOL stands at $175, reflecting a decrease of up to 6.7% within the last 24 hours and over 7% over the past week.

Featured image from Shutterstock, chart from TradingView.com 

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