Solana News: FTX to Unlock 11.2 Million SOL from Bankruptcy Auction in March

FTX announced plans to unlock 11.2 million SOL tokens in March, acquired from the bankruptcy auction. This move is part of the exchange's efforts to repay customer funds following its bankruptcy proceedings.

FTX to Unlock 11.2 Million SOL in March from Bankruptcy Auction

FTX will unlock 11.2 million SOL in March, which were obtained from the bankruptcy auction. The exchange has liquidated a total of 41 million SOL in three auctions as part of its bankruptcy proceedings to repay customer funds. Galaxy Digital was the largest buyer, acquiring 25.52 million SOL at $64 per token, with a current return rate of 187%. Pantera and a consortium of buyers secured 13.67 million SOL at $95 per token, resulting in a 93% return rate. Other buyers managed to acquire 1.8 million SOL at $102, profiting 80%. FTX's creditor repayment process will officially commence on February 18, 2025.

Stablecoins Flow Out of Solana After Meme Token Peak

After reaching an initial minting peak, stablecoins are beginning to flow out of the Solana network. The network had previously gained over $12 billion in stablecoins, primarily from additional USDC. However, in the past week, the stablecoin supply on Solana has decreased, with most of the outflows coming from a slowdown in new token creation by stablecoin issuers and some tokens leaving the ecosystem. During the same period, Solana's total supply of USDC and USDT decreased by 772 million tokens. Despite these shifts, Ethereum, Solana, and Base remain the top chains with net flows over a three-month window.

Solana-Based Meme Coin LIBRA Faces Controversy, Argentina President Javier Milei Charged With Fraud

Solana-based meme coin LIBRA has been making headlines due to its alleged ties to the MELANIA token and the promotion by Argentina's President Javier Milei, who is now facing fraud charges. The high-profile meme coin has seen a 5% decline in its market capitalization and is embroiled in a scandal. According to on-chain intelligence tracker Bubblemaps, the creator of LIBRA is suspected of extracting $100 million from MELANIA.

Solana Price Tumbles as ETF Speculators Bet on XRP and DOGE

Solana (SOL) price has tumbled as low as $180 on Monday, down over 9% in three consecutive days of losses. The downtrend coincides with news of ETF speculators betting billions on XRP and DOGE, as acknowledged by the US SEC on Friday. Bearish dominance in SOL derivatives markets, with $400 million active short contracts dwarfing $138 million long positions, suggests the downtrend could extend in the week ahead. Technical analysis indicators also suggest SOL price remains at risk of further downsizing.