After FTX’s fall from grace back in 2022, many feared a total crypto market collapse. One token particularly affected at the time was Solana, which FTX held millions of. Now, after SOL tokens were recently unstaked by an FTX-affiliated wallet, investors are bracing for a drop in SOL’s price.
But will this actually hurt SOL, and where are investors turning instead? Join us as we explore these questions and what the next big crypto breakthrough might be: Raboo.
FTX’s 177k SOL tokens hit the market
Solana has been a top performer in the market this year. It rose alongside many Solana-based meme coins between September 2023 and March. SOL’s price skyrocketed from around $18 in September to peak at more than $200 in March. That’s because meme coins chose Solana for its high-speed, low-cost network.
However, SOL investors have recently raised concern after an FTX-affiliated wallet redeemed around 177K SOL on the 12th of September. Those were worth roughly $24 million at the time of writing. Some highlight the potential for a further bearish push, given that SOL is nearing the bottom of its range, which has been formed since March’s high.
Following the news, SOL’s price dipped slightly before rising to weekly highs, valued at $130 right now. To put things into perspective, FTX still holds around 7 million SOL tokens in staking, worth almost a billion. So, there is potential for a further dip as these SOL tokens enter the market. It is still a drop in the ocean compared to the total FTX crypto holdings.
In the meantime, Solana’s fundamentals remain strong. It still has almost $5 billion in total value locked. The number of active addresses on the network has also shot up recently. They rose from around 950k a month ago to 3.8 million today.
Raboo wows investors after raising more than $2.4 million
While the outlook is somewhat uncertain for Solana, investors have found safety in the ongoing Raboo presale. Jumping 90% after thousands of investors piled more than $2.4 million into $RABT, Raboo is currently in the 5th stage worth $0.0057. However, while there’s still an estimated 143% left before the presale concludes, some analysts think Raboo has 100x written all over it.
Raboo is a new AI-based meme coin built on the Ethereum network. It uses an AI tool known as Rabooscan to find and collect the hottest memes on social media. Investors can then generate memes using a custom-built AI model, entering them into regular competitions and sharing them under Raboo’s Post-to-Earn scheme to earn additional $RABT tokens.
Raboo uses these features to stand out in the crowded meme coin market. Still, these avenues for profit are just the beginning—upcoming staking, NFTs, and a deflationary token-burning mechanism are each designed to offer maximum value. For the cherry on top, Raboo comes with no buy or sell taxes and a smart contract fully verified by SOLIDProof.
With the presale nearing its conclusion, the hype around $RABT is heating up. Exchange listings are around the corner, and many think this could be the next big crypto breakout in the making. Don’t miss out on a limited opportunity to secure $RABT at bargain prices.
You can participate in the Raboo presale here.
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