Sam Bankman-Fried's Alameda Research currently holds 13.25% of all Solana in circulation, What does this mean for Solana?
If you have been following me and my blog for a very time you would know that am a die-hard fan of Solana and honestly speaking I don't know why I love Solana this much, yes it is a great crypto project, great blockchain, with amazing utilities which make it awesome especially when it come to NFTs and Games. But that being said, we all know that Solana has had a lot of downtime struggles in the past that has annoyed and made their investors want to dump all their Solana coins, because of the numerous downtimes that made Solana look so unreliable and untrustworthy.
The downtime issues might be child's play complied with what might happen soon but I hope it does not get to the worst of worst situations where Solana will crash to ZERO, now I just recently found out that Sam Bankman-Fried FTX sister company Alameda Research currently holds 13.25% of all Solana coins in circulation, with mean Solana could be in big trouble because FTX has crashed and filed for bankruptcy and the whole crypto space to not trust anything that has to do with Sam Bankman-Fried or any of his company, now based on the news reports I read Alameda Research bought over 50 Million quantities of Solana, meaning if they should dump their holdings it might cripple the Solana market for some time or forever, nobody knows.
My question now is this can Alameda Research's 50 Million quantities of Solana which makes up 13.25% of all Solana in circulation cause Solana to crash to ZERO because we are already seeing the effect already as Solana has crashed hard since FTX collapsed and filed for bankruptcy, I feel nothing is for sure right now though, the 13.25% of a Solana in circulation held by Alameda Research when dumped could crash Solana very hard but am not sure it would take it to ZERO, it would definitely affect Solana but it is still possible that Solana would bounce back from the whole FTX and Alameda Research saga. And just so you know the 50 Million quantities of Solana held by Alameda Research are locked or Staked so it would not be released at once.
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Like you said, it might not quite crash all the way to zero.
But this could set the chain so far behind everyone else that it might not be able to recover.
I mean which developer in their right mind is going to build their cutting edge new product on Solana, knowing that price is going to go to all buy zero?
Maybe not dead, but Solana is as good as dead.
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I agree with you solana might not be dead but it is as good as dead, I just hope it survives because I really love the Solana project.