Solana postpones token unlock amid double-dip fears, developers unaffected
Solana (SOL) has postponed the staking unlock period by two days, but Solana developers were still able to unlock and liquidate their SOL tokens.
Solana, what a big scam. Peoples coin suddenly unlocks after he 2 days instead of today after developer manages to unlock his own!+ Website Shutdown
A slap in the face for those who believed altcoins were truly decentralized.
that’s all #bitcoin Decentralized pic.twitter.com/dV96urj14t
— Dr. Profit 🇨🇭 (@DrProfitCrypto) November 10, 2022
@DrProfitCrypto also mentioned that Solana shut down its website, but it remains accessible at the time of writing.
Unlock Solana
Solana’s staking lock-in period was supposed to end between November 9th and November 10th. Once closed, 18 million SOL tokens will be released to the market.
Given recent events with the crash of FTX (FTT) and Solana’s connection to FTX, technical analysts expect SOL to hit a double-dip as SOL fails to meet the sudden increase in supply. Said there was
Postponing the unlock also postponed the expected double dip, giving Solana developers time to unlock and liquidate SOL tokens from the current price.
Fall of Solana
There are several Solana-based projects on the venture capital side of FTX, and investors have come to recognize SOL as part of FTX. So Solana was also hit hard by the FTX collapse.
Countless network outages in Solana’s history have associated errors with the blockchain. Naturally, as soon as the FTX crisis began to unfold, Solana began experiencing network problems.
According to CryptoSlate data, SOL has suffered the second largest loss after FTT. SOL has lost 21.55% of its value in the last 24 hours, while it has lost 50% of its total value in the last 7 days.
Earlier in the week, SOL price climbed to $37.72. In five days, the price has retreated 58% from its weekly high. At the time of writing, SOL is trading at around $15.7.
