Solana’s FTX Ties Spark FUD, SOL Tanks 23%

• Solana (SOL) price crash triggered by FUD over alleged FTX holdings.
• Whistleblower claimed FTX held 8% of Solana’s token supply.
• SOL price down 23% in six days alongside the broader crypto market slump.

Solana (SOL) nosedived in the past week, fueled by Solana FUD (Fear, Uncertainty, and Doubt) syndrome triggered by a recent revelation linking SOL token to the now-defunct FTX exchange. This sudden reversal came after a recent rally that had seen Solana gain over 60% in less than a month.

The FUD surrounding Solana, combined with the price crash, sent panic through the crypto community. Some users fear that the FTX connection could exert further bearish pressure on SOL, potentially leading to a prolonged Solana price crash. 

Crypto analyst Mezoteric highlighted the severity of the situation on X (formerly Twitter), suggesting that the FTX-linked revelation could create a $6 billion selling pressure for Solana.

BREAKING

SOLANA is dying after FTX whistleblower shows that they still hold 8% in secret wallets.

This is 6 BILLION in sell pressure.

This is bad. pic.twitter.com/ro5enT0Mx8

— Mezoteric (@mezoteric) August 1, 2024

Mezoteric shared…

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