The price of %Solana (CRYPTO: $SOL) is down 5% in the last 24 hours and 20% in the past week as the bankrupt %Cryptocurrency exchange FTX holds an estate sale.
The FTX estate is currently auctioning off the former crypto exchange’s locked Solana, putting downward pressure on the digital token’s price.
Media reports claim that 1.8 million Solana tokens worth $232 million U.S. were sold in recent days, with more sales expected.
The Solana being sold is going for $95 U.S. a token, representing a 26% discount from previous prices.
The discount is being attributed to the fact that the tokens are locked, which means their availability for trading is constrained.
So far, the FTX estate has managed to auction off $1.9 billion U.S. worth of Solana, representing nearly two-thirds of the $2.6 billion U.S. in holdings left behind at the bankrupt crypto exchange.
About 30 million Solana tokens were sold at $64 U.S. each. That’s a significant discount from the $123.00 U.S. per token that Solana is currently trading at.
The large volume of Solana being sold by the FTX estate and the discounted prices are dragging the price of the digital asset lower.
FTX collapsed into bankruptcy in November 2022 amid allegations of fraud. The exchange’s founder, Sam Bankman-Fried, was recently sentenced to 25 years in prison.