2019 ETH Market Cap @ Bottom vs 2022 SOL Market Cap @ Bottom
- Similar -95% drop. - 5B market cap bottom on #ETH versus 7B market cap bottom (?) on #SOL after 3 drives down (purple). - Fractal shows 1+ year accumulation for SOL here, stay #safu
bankrupt bro! get it???? bankrupt! Already filed Chapter 11 !
CryptoCurb
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@Alirezaaa, ser - you are confusing FTX (the corrupt exchange, with ponzi token FTT), with SOL (L1 blockchain).
Alirezaaa
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@CryptoCurb, so you are not aware of it! why do you think both FTT and SOL dropped together tat hard? you think just stupidity of ppl?! WRONG! Crypto exchange FTX was dealing with solvency concerns. FTX founder Sam Bankman-Fried's other company Alameda Research had a SOL position greater than $1.1 billion according to a leaked copy of the company's balance sheet.
Alirezaaa
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@Alirezaaa, The problem for Alameda at the time was that 75% of the company's SOL was locked in stake and couldn't immediately be liquidated. In the addition to what the company has already sold, it is speculated that the company still has over 19.5 million SOL that many believe will be dumped on the market when the withdrawal from stake is finalized.
MinimumWagerLvl1
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@Alirezaaa, dude that now how crypto works lol. It was a good oppurtinity for sol to create fud in the space. While everyone thinks it is dead they will accumulate and pump during the next rally. FTT was the ponzi sol is an another level just like eth and bnb. If you remember binance got hacked back in 2018 and bnb dropped %90 from there it made 50x. keep this in your mind
CryptoCurb
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@Alirezaaa, this staked SOL Alameda owns will be locked in bankruptcy proceedings now FWIW. any type of locked supply is bullish. also, keep in mind BTC from the Mt Gox hack 10 years ago is still going through bankruptcy proceedings. this SOL isn't moving anytime soon, at least 5-8 years MINIMUM imo for bankruptcy to process if at all similar to other bankruptcy durations.
CryptoCurb
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@Alirezaaa, "had a SOL position greater than $1.1 billion according to a leaked copy of the company's balance sheet" - sounds like capitulation to me! also can confirm the volume spike on the graph at the same time period. i would spend some time researching "capitulation" on the inter-web. these kind of liquidation events typically mark the bottoms in crypto, i've been through a few market cycles over the years.