Solana Compass recently provided insights into the latest Solana Network (SOL) activity, specifically during the 512 era.
According to a website that tracks SOL activity, an estimated 19.637 million SOL tokens have been sold. Unbound during this period.
In the last 512 Era, there were 19.637 million Sol unrestricted, with a net non-ownership of 16.516 Million Sol (about $372 million). Most of them belong to the former a16z and Alameda (now or ftx Estate).
a16z: BZpEFk…oPPBm7 Unencumbered 5.006 million Sol, a16z-2: GCmFQL…ozXMwY Unencumbered 2.033…
— Wu Blockchain (@WuBlockchain) October 6, 2023
Millions of dollars worth of untapped SOL
These tokens are worth about $449 million at current rates. When considering the addition of tokens, the net no-deposit volume amounts to approximately 16,516 million SOL, roughly valued at approximately $380 million.
It is worth noting that prominent entities, such as Andreessen Horowitz, also known as a16z, have contributed significantly to the disclosure of assets on the Solana network. According to Solana Compass, a16z had about 7 million SOL at the end of the 512 era.
In addition, three accounts suspected of belonging to the ownership of collapsed cryptocurrency exchange FTX and its sister company, Alameda Research, separately raised 2 million, 4.5 million and 3 million soles in the same period.
SOL price is stable amid the SBF experiment
The non-SOL comes as the cryptocurrency world is stunned by the ongoing trial of former FTX founder and CEO Sam Bankman-Fried (SBF), who is accused of wire fraud and money laundering.
Despite Solana’s reported connections to failed cryptocurrency exchange FTX, several validator clients, including Jito Labs, which holds a 31% stake, have reportedly achieved over 70% growth in staking percentage on the platform.
Meanwhile, the price of SOL has risen more than 13% in the past seven days Data From Queen Gekko. However, in the past 24 hours, as the Bankman-Fried trial enters its third day, SOL prices appear to have taken a hit, losing nearly 2% of its value.
It remains to be seen how much impact unstaking SOL may have on the token’s price, as many market watchers expect most of it to be sold.
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