Solana’s price fell by around 7% during the last 24 hours after bankrupt FTX transferred 250,000 SOL tokens, worth approximately $14 million, to the Kraken crypto exchange on Nov. 13, according to on-chain data.
Blockchain analytical firm Peckshield corroborated this report, adding that FTX also transferred $3.99 million USDT to Binance and Wintermute during the last 24 hours.
These transactions follow a similar trend observed over the past several weeks. The bankrupt crypto firm has rapidly divested its crypto holdings, moving more than $300 million worth of assets. CryptoSlate reported that Solana accounts for more than half of these transfers, with the exchange moving 4.8 million SOL tokens, equivalent to $187 million, as of Nov. 8.
Nevertheless, the rapid sell-off may ease as the number of SOL tokens held in FTX’s public addresses on the Solana blockchain has dwindled to 3,408 tokens, valued at approximately $185,000, according to on-chain analyst Lookonchain.
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