Solana (SOL<\/a>) is on the track to log its worst daily performance on record.<\/p>\n On Nov. 9, SOL\u2019s price dropped more than 40% to around $16 primarily due to its association with Sam Bankman-Fried, the founder of crypto-focused hedge fund Alameda Research and cryptocurrency exchange FTX.<\/p>\n Fried was an early investor in the Solana blockchain project via Alameda Research. On Nov. 8, the entrepreneur\u2019s estimated wealth plunged from a whopping $15.6 billion<\/a> to around $1 billion, according<\/a> to\u00a0Bloomberg Billionaires Index.<\/p>\n At the core of this wipeout was a near-collapse of FTX<\/a>. On Nov. 6, Binance, FTX\u2019s rival exchange and early investor, decided to sell its $2 billion stake, which it was holding in the form of FTX\u2019s native token, FTX Token (FTT<\/a>). In response, FTT\u2019s price crashed by over 85% and was trading for around $3.60 as of Nov. 9.<\/p>\n Alameda Research\u2019s balance sheet reportedly was worth around $12 billion as of June 30, out of which half was FTT. The firm allegedly had $8 billion in liabilities on the same day, raising speculation about its potential insolvency after FTT\u2019s massive crash.<\/p>\n $FTT<\/a> is the new Luna. Not buying the dip this time\u2026<\/p>\n \u2014 KSICRYPTO (@ksicrypto) November 8, 2022<\/a><\/p><\/blockquote>\n As a result, this has increased downward pressure on cryptocurrencies with exposure to Alameda Research, FTX and Bankman-Fried, or so-called \u201cSam coins.\u201d<\/p>\n Related:\u00a0Alameda on the radar of BitDAO community for alleged dump of BIT tokens<\/a><\/em><\/strong><\/p>\n SOL\u2019s price has plunged by more than 55% since Binance decided to dump its FTT reserves. Similarly, Serum (SRM), a decentralized exchange asset functioning atop the Solana blockchain, crashed by 55% in the same period.<\/p>\n Ren, a decentralized custodian project, also witnessed a 33% drop in the valuation of its native token, REN, after Binance\u2019s\u00a0announcement\u00a0of intent to sell FTT<\/a>. <\/p>\n Overall, Sam tokens, including Raydium (RAY), Bonfida (FIDA) and Maps (MAPS), have dropped by an average of 40% since Nov. 6.<\/p>\n Meanwhile,18.77 million SOL tokens, or around $330 million at the time of writing, will be unstaked and enter circulation on Nov. 10, according to lending data collected by Lookonchain. This may further put downward pressure on SOL\u2019s price.<\/p>\n 1\/ A total of 18,775,348 $SOL<\/a> ($330M) will hit the market after 23 hours.<\/p>\n In Epoch 370, 18.77M $SOL<\/a> has been unstaked.<\/p>\n When Epoch 370 is over, 18.77M $SOL<\/a> can be withdrawn and sold to the market.https:\/\/t.co\/T9cgdB9KnY<\/a>https:\/\/t.co\/pKtysd0a81<\/a> pic.twitter.com\/qxiSqWuSeu<\/a><\/p>\nSam tokens get \u2018fried\u2019<\/h2>\n
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Still hope for Solana?<\/h2>\n
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