Over 60 Million SOL Almost $1B Worth of Solana Tokens to Be Unlocked by Thursday

This massive token unlock is coming at a time of significant market tumult, not just for Solana but for the entire crypto space following the FTX collapse.

• According to data from the Solana dashboard, 60,390,774 SOL, worth nearly $1 billion, is set to be unlocked in Epoch 370. An epoch in Solana is a period where validators cannot unlock their staked tokens on the network.
• Following the expiration of Epoch 370, which will end in less than 24 hours, the unstaked SOL will be withdrawn by validators.
• Meanwhile, it remains uncertain if the validators will sell their withdrawn SOL considering the current price performance of the token.
• Solana’s native coin has plunged nearly 40% in the last 24 hours. At the time of writing, SOL is trading under the $20 mark.
• SOL’s massive price decline can be tied to the ongoing FTX and Alameda saga in the past few days. While the general crypto market has taken a hit, Solana’s nosedive is peculiar because of its connection to Alameda.
• While insolvency concerns regarding Sam Bankman-Fried’s crypto exchange FTX continue to grow, rival Binance is set to acquire the embattled exchange.

This article first appeared on CryptoPotato

Here’s How To Stay Up To Date On Crypto With CRU News Desk!

For the best exchanges, check out our top exchange guide. 

Sign up for our bi-weekly newsletter for news and exclusive analysis.

Follow CRU News Desk on Twitter for our latest articles and Twitter exclusive threads.

Learn about Bitcoin, Ethereum, and so much more at the CryptosRus Academy.

Stay up to date with George on Tik Tok, Instagram, and his brand new clips channel.