Solana is going to be sold for almost $1 billion in the next 24 hours


On Wednesday, roughly $1 billion worth of Solana (SOL) will be released.

When the current era concludes in fewer than twenty-four hours, Solana validators will release 49.6 million SOL. It is the second-largest amount of tokens to be unlocked in any Solana epoch, representing 13% of the coin’s supply, and it occurs at a period of significant market volatility.

An epoch consists of a certain number of slots (similar to blocks) on the chain and lasts between two and three days. According to Solana Compass data, the current Solana network epoch, Epoch 370, will finish at 8.30 a.m. UTC on November 10. Solana epochs refer to a period of time, often two days, during which validators lock in their network stake. Validators have the option to release their stake at the conclusion of each era.

The website’s dashboard now indicates that validators are set to release about 47 million sol tokens. In the span of a few hours, this figure has climbed from 18 million. The rise suggests that a greater number of validators are removing their staked tokens from the network. In comparison, just 1.8 million sol ($36 million) will be gambled at the conclusion of the present period.

The tokens slated for removal from the Solana stake constitute 13 percent of the entire supply of the currency. In the last twenty-four hours, the price of a Solana token has decreased by 30%, from $23 to $19. It remains to be observed how the token unlocks will influence the price of sol.

Solana’s latest decline is part of a broader market selloff precipitated by FTX’s fall. Bitcoin is presently trading at its lowest price in two years, while ether has dropped 20% in the previous 24 hours, from $1,425 to $1,188. The overall market capitalization of cryptocurrencies has also fallen below the $1 trillion threshold and is at $901 billion.

Also Read: MetaMask’s latest DApp enables token transfer across several blockchains

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