Not Just FTX Token: Solana Price Rises 40% Along with Other “Sam Coins”
Cryptocurrencies exposed to Sam Bankman-Fried and his companies, Alameda Research and FTX, have fallen an average of 40% this week.
Altcoin Watch
Solana (SOL) is on course to record its worst daily performance ever.
On Nov. 9, SOL's price fell over 40% to around $16, primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research, and the FTX cryptocurrency exchange.
SOL / Daily price chart USD. Source: TradingViewFried was an early investor in the Solana blockchain project through Alameda Research. On Nov. 8, the entrepreneur's estimated fortune fell from $15.6 billion to around $1 billion, according to the Bloomberg Billionaires Index.
At the heart of this wipeout was a near collapse of FTX. On November 6, Binance, FTX's rival exchange and first investor, decided to sell its $2 billion stake, which it held in the form of FTX's native token, FTX Token (FTT). In response, FTT's price fell over 85% and was trading at around $3.60 as of November 9.
Alameda Research's balance sheet was worth about $12 billion as of June 30, half of which was FTT. The company was reportedly $8 billion in debt on the same day, sparking speculation about its potential insolvency after the massive FTT crash.
Cryptocurrencies exposed to Sam Bankman-Fried and his companies, Alameda Research and FTX, have fallen an average of 40% this week.
Altcoin Watch
Solana (SOL) is on course to record its worst daily performance ever.
On Nov. 9, SOL's price fell over 40% to around $16, primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research, and the FTX cryptocurrency exchange.
SOL / Daily price chart USD. Source: TradingViewFried was an early investor in the Solana blockchain project through Alameda Research. On Nov. 8, the entrepreneur's estimated fortune fell from $15.6 billion to around $1 billion, according to the Bloomberg Billionaires Index.
At the heart of this wipeout was a near collapse of FTX. On November 6, Binance, FTX's rival exchange and first investor, decided to sell its $2 billion stake, which it held in the form of FTX's native token, FTX Token (FTT). In response, FTT's price fell over 85% and was trading at around $3.60 as of November 9.
Alameda Research's balance sheet was worth about $12 billion as of June 30, half of which was FTT. The company was reportedly $8 billion in debt on the same day, sparking speculation about its potential insolvency after the massive FTT crash.
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