With the battle raging between CZ and SBF, it seems FTX isn’t the only project facing the barrel. Solana might be on its way to the bottom.
Here’s Why…
Solana getting killed. Market realizing that @cz_binance now owns 10% of the tokens and that he would rather support BNB chain than SOL. Also Solana just lost all the support and investment that FTX and @SBF_FTX were making in the ecosystem.
— Ran Neuner (@cryptomanran) November 8, 2022
On the 8th of November 2022 Ran Neuner tweeted this current market realisation. First, CZ owns 10% of the tokens and he is more interested in protecting BNB than SOL.
Secondly, the exchange Behemoth that was supporting Solana, FTX and SBF, are in quite the situation, and Alameda is rallying to protect FTX, which would adversely affect development on Solana’s Network.
Ftx and Alameda own a large chunk of Solana’s tokens. Alameda’s portfolio shows $292 million in SOL, $863 million in locked SOL, and other tokens on the Solana’s ecosystem worth $41 million.
Since the majority of Alameda portfolio lies in Solana, speculations point towards a deal between Binance and Alameda which will throw Solana under the bus. Alameda might end up dumping the Solana tokens it has to cover FTX’s crash.
Yet there are other speculations why the Sol price went down 4.7% in the past 48 hours. The price of a token rose when Google cloud tweeted some major disclosure, tagging Solana’s cofounder in the tweet. Couple hours afterwards, the price tumbled again. A classic case of “buy The rumour sell the news”.
Another speculation stems from the history behind FTX and Alameda back in 2019. Both companies were accused of attempting to manipulate the prices of Bitcoin through Binance.
To understand what I think will happen next to Solana,
Let's look at FTX and Alameda's history and a 2019 lawsuit
The case was dismissed so we can't allege any wrongdoing but the allegations are very interesting pic.twitter.com/KgS532lJFp
— Tomiwa 😃 (@tomiwa1a) January 16, 2022
The plot was discovered in time and stopped but they didn’t stop there. They then sold their tokens to private investors at 5x less than their public sales, without proper disclosure. They raised FTX to one of the most popular exchanges, built Alameda, a Trading company, and with the amount of assets they have, they are in a wonderful position to attempt price manipulation again.
Thus, there is a possibility that FTX and Alameda would use their stronghold on Solana to initiate a rug pull, plunging Solana to a potential 90% of its current price. In conclusion, Solana’s future is looking very bleak.
