Crypto Market Drama! Almeda Could Dump Millions of Solana Tokens

Solana is currently trading at $16.92, down about 30% on the day and over 43% in the last week

Solana (SOL) price is drastically falling down. It constantly loses its cost because Alameda can dump it on the market. SOL price moves towards latest 52-week low as FTX files bankruptcy. The so-called "Ethereum killer" has plummeted in value over the past few days amid the growing speculation that the seemingly insolvent crypto exchange FTX and its trading firm Alameda Research are dumping the tokens to raise liquidity.

Due to the ongoing trending news in the crypto market, investors are scared to keep crypto in their portfolios. The FTX crisis is a hot topic in the market as Bankman Fried has resigned as CEO of FTX. The news undoubtedly affected the overall market, with even bitcoin hitting its 24-month low of $15,682 on 9 November.

The dumping of the SOL token comes after the news that FTX, the second largest crypto exchange in the world, is insolvent and being acquired by its rival, Binance. Some suspect that Alameda, which was founded by FTX CEO Sam Bankman-Fried and still has close ties to him, is unloading SOL to raise liquidity.

Amid all the drama between the top crypto exchanges in the market, i.e. FTX and Binance, most crypto investors continue losing money. FTT, FTX's native token, displayed similar characteristics to SOL because Binance publicly announced its intention to sell its FTT holdings.

Alameda's CEO responded to the news by sharing that the trading firm would buy Binance's share of FTT tokens. This, however, stabilized FTT prices for a while but also caused experts and investors to wonder how Alameda intends to pay for the Binance stake. SOL is the second-largest holding of Alameda Research after FTT, which is why chances are that SOL could be losing more value.