The market has increased sales of SOL on the background of incoming information from cryptocurrency exchanges.
A number of crypto exchanges have suspended operations with USDC and USDT stackcoins on the Solana blockchain, with some already reviewing the policy. For example, Binance went took such a step, but then resumed possibility to work with USDT on Solana, but at the same time about USDC on Solana any additional information has not been received yet.
The cryptocurrency exchange OKX went went even further and announced the delisting of said stabelcoins.
This is information that has been confirmed by the crypto-exchanges themselves, with some other cryptocurrency trading venues having to clarify the use of these staplecoins to get real-time information on what is happening.
What’s happening has affected the price of Solana’s native blockchain token, SOL, which momentarily fell 5.1% to $13.3 on Nov. 17, but corrected slightly upward to $13.61 early on Nov. 18.
Experts attribute what is happening in the actions of some crypto exchanges to the fact that there is the effect of the collapse of the crypto exchange FTX, which created a noticeable demand for USDT/USDC based on Solana. Meanwhile, USDT/USDC on other blockchains were not affected by the FTX situation.
FTX and its trading arm, Alameda Research (Alameda), could account for up to 11% of the total SOL supply or about 58 million SOL at any given time, according to reports. As a result. collapse FTX SOL in the last seven days has fallen in price by 25% (the maximum in the top 25 cryptocurrencies by capitalization), and at the end of last week was down 60% in the moment.