Alameda is selling these Altcoins to stop the FTT collapse!
Sam Bankman-Fried’s crypto exchange FTX and the trading company Alameda Research are having serious liquidity problems. Although these problems continue, these altcoin projects are being sold to stop the FTT failure. Binance CEO Chanpeng Zhao is willing to sign an unrelated letter to help reduce costs. As a result, crypto exchange Binance is waiting to receive FTX. Alameda Research sells these products in violation of the FTT.
Alameda Research sells these tokens from FTT collapse
Alameda is selling SOL, an altcoin of the ETH ecosystem Solana, to have a fall in the FTX (FTT) token. According to on-chain information, it is possible that the company will sell several altcoin projects, including Polygon’s MATIC. Alameda Research, a subsidiary of FTX, prompted a statement from Binance CEO “CZ”. On the other hand, Alameda has announced that it will sell all FTTs in the next few months. After the announcement, the SOL sale started. This decision caused a huge liquidity crisis in FTX as investors started selling their FTT.
Alameda and FTX ETH reserves fell to their lowest level since November 2021. After that, it started transferring Ethereum (ETH) to stablecoins and crypto exchanges. Many exchange users have reported 5-10 hour waits and delays in bitcoin withdrawals. The FTT show has a significant loss in profit and absolute sales. Will Solana and Polygon altcoins be able to compute?
Will Solana and Polygon’s altcoins be able to rally?
Alameda has started selling Solana’s ALTcoin SOL to prevent FTT collapse. Sam Bankman-Fried has a $1.2 billion SOL from Alameda. But it has a SOL value of almost $500 million now. SOL stock has faced a major decline and is down 33.02% in the last 24 hours. SOL continues to trade at $18.87. According to the company Solana Compass, SOL 47.28 points will be opened in one day. As a result, he will sell more tokens. He transferred 2.97 million MATIC to the Binance crypto exchange, a value of 2.9 million.
Alameda may also transfer other MATICs in exchange. According to crypto analysts, the price of MATIC may fall to the strength level of $0.60. Investors should keep an eye on MATIC prices as Alameda’s decline could trigger a sell-off in Solana’s past.
