Solana News: Binance and Wintermute Under Scrutiny Over SOL Withdrawals Ahead of Major Token Unlock

The cryptocurrency world is buzzing with allegations of market manipulation involving two major players, Binance and Wintermute, amidst preparations for a significant Solana (SOL) token unlock. Here’s a closer look at the ongoing turmoil.

Crypto Turmoil: Binance and Wintermute Under Scrutiny Amid Solana Token Unlock

Binance and Wintermute are facing allegations of market manipulation amid large withdrawals of Solana (SOL) tokens. These actions coincide with Solana’s upcoming release of $1.5 billion worth of tokens on March 1, 2025. Sizable SOL withdrawals from Binance, totaling between $2.6 million and $5 million, have sparked debates on Wintermute’s intentions. Speculations suggest these moves echo past events, possibly reflecting strategic asset price manipulation. Binance has refuted the allegations, asserting that the charges are unfounded. Opinions differ on whether these actions are manipulative or routine market operations. The crypto market remains volatile, with Solana down 19.1%, and investors are urged to remain vigilant.

Sonic Debuts Mobius Mainnet on Solana

Sonic has launched its Mobius mainnet, the first chain extension on Solana. As the pioneering Solana Virtual Machine chain, Sonic aims to enhance the gaming and decentralized applications landscape on the Solana network. The launch introduces layer 2 network capabilities to the SOL ecosystem, leveraging Sonic HyperGrid technology. Scalability and customizability are key features for the network’s decentralized applications. The testnet phase saw over 8 million users, battle-testing the platform across various games and applications.

DTCC Lists Solana Futures ETFs SOLZ and SOLT

The Depository Trust & Clearing Corporation (DTCC) has recently listed two Solana futures exchange-traded funds (ETFs), SOLZ and SOLT, offering exposure to the futures market for Solana. While this marks a significant step for the cryptocurrency, the approval of these ETFs by the US Securities and Exchange Commission (SEC) remains uncertain, creating potential risks. Despite challenges, institutional adoption of Solana ETFs could boost market participation. Market predictions suggest that the SOL price could rise by 53.74% by 2025, contingent upon market and regulatory clarity.

Solana and Overall Crypto Market Decline

The market isn’t crashing because of scandals and bad news, according to Lightspeed newsletter. Solana’s price has fallen below the 50-day and 200-day moving average, hovering around $130. It has dropped about 35% since Valentine’s Day, and the whole market is experiencing red. Many are asking if the bull run is over and blaming events like the Bybit hack, LIBRA memecoin issues, or upcoming FTX unlocks. However, it’s unclear if these events are the cause or just scapegoats for an inevitable market correction.