Solana, worth about $1 billion, will be available for unlocking within the next 24 hours. This figure represents 13% of the coin’s circulating supply.
Data from Solana Compass shows that the current Solana epoch, Epoch 370, will end at about 8:30 AM UTC on November 10. As of writing, over 57 million Solana tokens have been unstaked. So, when the epoch is over, the token holders can withdraw and sell in the market.
This will be the second-largest volume of tokens to be unlocked in the history of any Solana epoch. Also, this comes at a time when there has been a continuous downfall in the crypto market.
Solana’s epoch is a period (usually two days) when validators lock in their stake on the network and can choose to unlock it at the end of each epoch.
The continuous increase in numbers indicates that more validators are choosing to unstake their tokens from the network. As a result, Solana's price has plummeted by about 40% and is currently trading at about $16. The market will likely take another big hit if the validators decide to dump their tokens.
Solana’s current decline can be attributed to the huge market selloff triggered by the recent FTX crisis. In light of this, some cryptocurrency exchanges like Crypto.com has halted the withdrawals and deposits of USDT and USDC on the Solana chain.
Other cryptocurrencies, such as Bitcoin and Ethereum, have also been affected by the FTX crisis. Bitcoin is currently trading at about $17,000, the lowest it has been in about two years. On the other hand, Ethereum is trading at about $1,100. This has resulted in the total crypto market capitalization slipping below the $1 trillion mark.
