Crypto

Solana bullish news: Alameda is no longer in possession of the SOL tokens


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In an extremely positive turnaround for Solana token holders, according to Solana Compass, Alameda no longer controls the hundreds of millions of dollars of SOL tokens. Instead, Alameda Research liquidators now do. The platform tracks SOL’s trading activities using on-chain metrics. Alameda Research previously held 48,636,772 SOL tokens, according to the Solana tracking platform. The controlled tokens are now worth more than $643,000,000.

The recent market conditions have resulted in a 95% drop in the price of SOL from its all-time high of $259. Meanwhile, members of the Twitter community speculate that Alameda Research controls 13% of the total Solana supply. Solana Compass has refuted the notion that Alameda’s large holdings of SOL could lead to massive selling pressure. According to Solana Compass, the locked token is subject to chapter 11 bankruptcy and may not be unlocked until the liquidation process is completed.

By shedding more light on the current situation, the tracking company debunked the percentage-controlled Alameda. According to Solana Compass’ official Twitter account, Alameda no longer owns the SOL; the liquidators do. The SOL on the chart is locked and cannot be sold for a long time. Regardless, Chapter 11 means that nothing can be sold until the bankruptcy is completed, which could take 10 years or more.

Another Twitter user explained: “Liquidators are required to seek the best price for the liquidated assets, which is typically accomplished through OTC sales.” This 9% supply will be absorbed by other investors rather than dumped into order books.

The SOL Tokens owned by Alameda Research

To reduce the market chaos caused by the misinformation, Solana Compass has clarified that Alameda’s Solana token is locked. Because the staked tokens are not in circulation, they cannot be sold on the open market.

According to the company, the current percentage of circulating SOL in the stashed token is 0%. The Alameda locked Solana token represents only 9% of the total supply of SOL, not the alleged 13%. A legal document also indicates that the token may not be circulated after the unlock.

The locked account contains 4,508,491.95 SOL and will be unlocked at 00:00:00 on March 1, 2025. According to the on-chain analytic platform, Alameda Research was previously the largest holder of the SOL locked account prior to the FTX crisis. Since Binance publicly declared its intention to sell FTX’s native token, the two SBF firms have been mired in debt. The failure of FTX, one of the world’s largest cryptocurrency exchange platforms, has had a significant impact on several companies and stakeholders.

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