In the dynamic world of cryptocurrency, Solana has emerged as a significant player, attracting attention with its recent price surges. The rise of Solana, a token often associated with Sam Bankman-Fried, the former CEO of FTX, has been a topic of interest in the crypto community.
John Deaton, a leading advocate for XRP, recently shared his insights on the increasing value of FTX’s SOL holdings. According to reports, FTX holds a substantial 55.8 million SOL tokens. The SOL token experienced a dip following the court’s approval of FTX’s asset liquidation, signaling the start of an upward trend.
Someone visit Sam and tell him: “FTX’s SOL holdings are now worth almost 6 billion from 1 billion since the bottom” and that the Spot ETF is about to happen, along with the halving in April, and 2024-2025 could be Crypto’s biggest year ever. Then ask him: how’s that feel asshole? https://t.co/nn1hkSfJ4I
— John E Deaton (@JohnEDeaton1) December 22, 2023
Deaton reaffirmed the findings of crypto sleuth “Mr. Huber” on the effect of SOL’s growth on FTX’s SOL holdings. He stated, “FTX’s SOL holdings are now worth almost $6 billion, up from $1 billion since the bottom.” The attorney also highlighted major upcoming crypto developments, including the much-anticipated Bitcoin-ETF launch and the Bitcoin Halving, predicting 2024-2025 to be “Crypto’s biggest year ever.”
Solana Overtakes BNB and XRP
Mr. Huber disclosed the common price performance of FTT and SOL and its connection to the FTX collapse. He pointed out FTX’s previous alleged “manipulation using FTT.” This revelation adds another layer to the complex and ever-evolving narrative of the crypto market.
Despite FTX’s Solana holdings increasing, the crypto market continues to rally behind SOL, climbing an additional 18%, nearing the $100 mark earlier today. This surge has pushed Solana’s monthly price gains beyond 75%, displacing Binance’s native BNB Coin from the fourth position. Solana’s SOL token trades at around $93, a 7% increase in the last 24 hours.
Earlier in the day, Solana’s market capitalization peaked at $41.9 billion, surpassing that of BNB. Interestingly, just a day before, on December 21, Solana overtook XRP in terms of market capitalization, with XRP valued at $0.62. This milestone comes on the heels of SOL’s remarkable performance, registering a gain of over 30% in the past week, outperforming other major cryptocurrencies during the same timeframe.
As the crypto landscape continues to evolve, the rise of Solana and its impact on FTX’s holdings offer a fascinating insight into the intricate dynamics of the crypto market. With major developments on the horizon, the crypto world is poised for unprecedented growth in the coming years.
