Solana News: Alameda Unstakes $23M SOL, Sparking Market Jitters Amid Death Cross Fears

Recent developments in the Solana (SOL) ecosystem have sparked concerns among investors, with Alameda Research unstaking a significant amount of SOL and distributing it to FTX-linked addresses. This, coupled with the cryptocurrency nearing a death cross, has intensified fears of a potential selloff and market downturn.

Alameda Unstakes $23M SOL, Sparking Selloff Fears as Solana Nears Death Cross

Alameda Research unstaked $23 million worth of Solana (SOL) and distributed it to 37 FTX-linked addresses holding $178.82M SOL, raising concerns of a potential selloff. On-chain data reveals the funds were distributed to multiple addresses linked to FTX and Alameda, intensifying fears of market pressure. Historically, such large-scale unstaking events have triggered price downturns. Solana is also nearing a death cross, with past occurrences leading to 90%+ declines, dimming $200 price projections. SOL currently trades at $125.47, down 15% weekly, with daily volume dropping 22.71% to $4.1B, signaling reduced market activity.

FTX and Alameda Unstake $23M Worth of Solana

FTX and its affiliate, Alameda Research, have unstaked and transferred 185,345 Solana (SOL), valued at $22.9 million, to 38 wallets in the past day. According to blockchain analytics platform SpotOnChain, the recipient wallets, which had previously received assets from staking addresses, now collectively hold approximately $178.82 million in SOL. This unstaking follows a significant event in March when FTX unlocked 3.03 million SOL, worth around $432.5 million, and distributed the tokens to multiple wallets.

Solana Proposal to Cut SOL Inflation by 80% Gains Limited Validator Support

The Solana proposal, called SIMD-0228, aims to drastically reduce SOL’s inflation rate. As of press time, the proposal had the support of 37.8% of the network validators. A total of 746 validators, equating to nearly 58% of the total active validators, have voted on the proposal. With 37.8% in favor, 18.5% against, and 1.2% abstaining, the proposal seemed headed for failure. Voting ends at Epoch 755, scheduled to be reached in about 11 hours. If passed, the proposal would introduce a market-based token emission mechanism to ensure the network doesn’t overpay for security, potentially boosting decentralized finance on Solana and increasing liquidity in SOL markets.

Urgent Solana Vote to Slash SOL Inflation by 80%

The Solana blockchain community is considering a pivotal vote on SIMD-0228, a proposal to significantly reduce the inflation rate of SOL by 80%. Early data reveals that 35.7% of voters are in favor of this potentially game-changing initiative, which could have profound implications for the future value and stability of Solana.