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Sam Bankman-Fried’s crypto exchange FTX and buying and selling agency Alameda Research are below a extreme liquidity crunch. Crypto trade Binance is all set to acquire FTX as CEO Chanpeng “CZ” Zhao signed a non-binding LOI to assist with the liquidity crunch. Meanwhile, Alameda is dumping Solana (SOL) tokens to include the autumn of FTX Token (FTT). On-chain information signifies Alameda will likely be dumping many tokens together with Polygon’s MATIC.

Alameda Dumps MATIC After Solana (SOL)

FTX subsidiary Alameda Research began dumping Solana (SOL) tokens after Binance CEO “CZ”  announced selling all FTT holdings within the subsequent few months. The transfer triggered a large liquidity crunch on FTX as merchants began promoting FTT holdings.

Alameda and different subsidiaries of FTX began transferring Ethereum (ETH) and stablecoins to the crypto trade because the ETH reserve falls to its lowest levels since November 2021. Several customers reported pending Bitcoin withdrawals for 5-10 hours. FTT token additionally slumped 20% amid a market-wide selloff.

Alameda began promoting Solana (SOL) tokens to stop additional fall in FTT token value. Sam Bankman-Fried had $1.2 billion value of SOL tokens through Alameda, now it’s nearly $500 million. SOL price tumbled over 35% within the final 24 hours, making a low of $16.47. The agency will dump extra tokens as 47.28 million SOL tokens to be unlocked in a day,  as per Solana Compass.

The crypto buying and selling agency has transferred 2.97 million MATIC tokens value 2.9 million to Binance. Alameda might also dump extra MATIC tokens. Crypto analysts consider the MATIC value may drop again to the $0.60 assist degree. Traders have to keep watch over MATIC value as Alameda’s dump might set off promoting just like Solana.

Alameda has property value $150.53 million in wallets together with stablecoins, ETH, BIT, and FTT tokens. It consists of important quantities of SRM, OP, MATIC, MASK, SAND, and FTM tokens. Thus, these tokens are liable to dump by Alameda.

MATIC Price Falls Below $1

Polygon’s MATIC value fell under $1 resulting from a market-wide selloff. The MATIC value is buying and selling at $0.91, down over 21% within the final 24 hours. The 24-hour high and low are $0.8837 and $1.23, respectively.

Solana has change into unstable as the worth bounced over 10% in an hour. The SOL value is buying and selling at $19.44.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at present masking all the newest updates and developments within the crypto trade.

The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.