Solana CEO wants FTX's SOL distributed to its users

Cryptocurrency exchange FTX, which underwent a significant change in management following its bankruptcy in November 2022, is drawing attention due to the movement of its substantial Solana (SOL) holdings. Recent data shared on Twitter revealed that FTX's cold storage wallets, identified through the blockchain explorer Solscan, began transferring SOL tokens.

Timeline of Solana

As the bullish sentiment around the Bitcoin ETF started to fade, the crypto market witnessed a sudden downturn in a majority of prominent digital coins. The price drop recuperated the bearish momentum in the market indicating the downward trend may continue in the coming days.

A widely followed crypto analyst says that Solana (SOL) has enormous upside potential in the next bull cycle. In a new video update, Coin Bureau host Guy Turner says that Solana could go on a huge rally as other digital asset projects compete against SOL in the crypto space.

“The more broken a staking model and design is,” Chorus One chief information officer Xavier Meegan says, “the more urgent a liquid staking solution is needed for that network.”

In an unexpected turn of events, the brains behind the brilliant Solana-based innovative contract automation program, Clockwork, have revealed their decision to remove critical platform infrastructure.

Over the last six weeks, the Solana coin has undergone a notable correction phase. Commencing from its peak at $32.13, the cryptocurrency's value has declined 36.8%, leading to its present trading price of $21.39.

Leading e-commerce platform Shopify will now allow users to make USDC payments thanks to its recent integration of the Solana Pay app. Seamless Integration with Shopify Shopify, a cornerstone of global e-commerce facilitating transactions worth a staggering $444 billion worldwide, has opened its doors to Solana Pay.

Finnish fintech company Membrane Finance has launched the first euro stablecoin on the Solana blockchain. Named EUROe, the stablecoin is expected to be fully MiCA-compliant, aligning with the Markets in Crypto Assets regulations set to take effect in 2024.

According to an August 24 Forbes report, the Drug Enforcement Administration (DEA) recently made a costly and embarrassing mistake in the handling of cryptocurrency seized during a narcotics investigation. Federal agents fell victim to a relatively common “address poisoning” scam.

After successful releases on Ethereum (ETH), Polygon (MATIC), Arbitrum One (ARB) and Avalanche (AVAX), the pioneering EU-regulated stablecoin on the euro expands to Solana (SOL) and receives feature-rich fiat integration with a retail payments app.

Following the recent downtrend in the crypto market, Solana's native token, SOL, recorded heavy losses in the past few days. But now the token's price moves on the daily chart showed the formation of a green candlestick yesterday after many days of posting vivid red ones.