FTX Fall: Here’s Why SOL is Getting Dumped by Investors

Solana token prices have continued to bear in the markets caused by the massive amount of dump it had recorded in the last few hours. The enormous sell-off was caused by the altercation between two cryptocurrency exchange platforms, FTX and Binance.

SOL blockchain does not correlate with both exchanges, but it’s getting affected negatively by their altercation. Keep reading and discover how SOL is at the exchange dispute’s receiving end.

Effect of Crumbling FTX On Solana

Following the bearish trend of SOL, several speculations began to spring up, giving a correlation between the token and exchange. A popular cryptocurrency Youtuber and trader, Ran Neuner, revealed that SOL price might set in a steep bear trend again. 

Neuner, via his verified Twitter handle, stated that Binance CEO had acquired approximately 11% of the total SOL token in the market. However, the exchange CEO would invest more in BNB than Solana.

Since Solana has just lost all the support and investment provided by FTX, the token is at a vulnerable point. Since the inception of November, SOL has set out on a steep bear trend.

According to CoinMarketCap, SOL has experienced an approximate 37% decline in price in the last seven days. November can be regarded as one of the worst months for SOL investors and traders.

With the fallout/Acquisition plan between FTX and Binance, Changpeng Zhao will invest more in BNB. With the enormous number of SOL dumps, the token price may visit the lowest low. SOL currently trades at $18.04 on CoinMarketCap, a 30.91% decline in the past 24 hours.

FTX Native Token, FTT Value Drop Massively

High-profile crypto exchange FTX native token, FTT, has dropped massively in the market. The steep price decline can be attributed to the collapse of the cryptocurrency exchange platform after over $6 billion in withdrawals were made in three days.

Few days ago, Binance announced the acquisition of its top rival exchange, FTX, to bail out the company amidst the market crash. Crypto communities received the news with mixed reactions, as an acquisition between the exchanges was unexpected.  

According to CoinMarketCap, FTX native token FTT trades at $4.72, a 68.92 decline in the past 24 hours. The FTT chart is not good for traders, buyers, investors, and sellers.

FTT users and investors are playing safe, withdrawing their funds and staying away from FTX till the acquisition and merger get resolved.

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