Solana and Meme Coin Crash: The Impact of Whistleblowers and Hidden FTX Wallets?

Bittime - The cryptocurrency market was hit by a shock wave in early August 2024. The prices of Solana (SOL) and several meme coins experienced a sharp decline after allegations surfaced from a whistleblower, accusing crypto exchange FTX of hiding a wallet holding 8% of the total supply of SOL. 

This article takes a deeper look at these allegations and their impact on the market. Learn it all here

Whistleblower FTX: Solana Secret Wallet

In early August 2024, an image shared by a crypto influencer and trader circulated widely on social media. The image is thought to have come from a whistleblower (reporter) FTX, a crypto exchange which is currently bankrupt. The allegations stated that FTX had a hidden wallet that controlled 8% of the total supply of Solana (SOL) tokens.

Ownership of these large amounts of hidden wallets could negatively impact the perception of Solana. This raises questions about network centralization and token ownership transparency.

Impact on SOL and Meme Coin Prices

The accusations sparked panic selling in the crypto market. SOL prices experienced a sharp decline, losing almost 25% of their value in less than a week. This decline also had an impact on some meme coins, which often move with broader market trends.

Investigation and Official Statement

Until now, there has been no official confirmation from FTX regarding these allegations. The Solana community and crypto investors are demanding clarification and transparency from related parties. A thorough investigation is required to uncover the truth behind the allegations.

While there has been no official response from FTX, the drop in SOL prices could be caused by other factors beyond the allegations. The crypto market as a whole is experiencing a correction phase, and this may also influence the price of SOL.

Read also: FTX Customers Must Vote on the Liquidation Process Before August 17th!

The Future of Solana and Meme Coin

While this news is surprising, it is too early to draw conclusions about the fate of SOL and the meme coin. Solana blockchain technology still has great potential. Many innovative projects are built on this network. However, these allegations are an important reminder of the importance of transparency and decentralization in the crypto ecosystem.

Investors should always conduct thorough research and understand the risks before investing in any crypto asset, including SOL and meme coins.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.