5 reasons why Solana is crashing harder than most

Solana has just crashed 43% in the past 24 hours and has fallen 56% in the past 3 days, while it still continues to fall

Of course all cryptos are falling today due to the FTX + Binance news, and even Bitcoin has hit new bear market lows below $16,500 but solana is getting hurt worst of all for 5 reasons…

1- FTX has been making large investments in Solana over the past year as well as promoting the Solana ecosystem publicly. Now that FTX is essentially bankrupt, Solana just lost all of that support.

2- Nearly $1b worth of staked Solana is set to be unlocked tomorrow, which represents 13% of the coin’s circulating supply. Usually when staked tokens are unlocked users sell some right away to take profit, but this time users are likely to sell most of their solana in order to salvage any portion of their investment.

3- Binance and Crypto.com just suspended USDC and USDT stable coin deposits and withdrawals on the solana blockchain.

4- The CEO of Binance is reported to own about 10% of all Solana tokens and as Solana continues to fall, investors are worried that he will sell all his Solana in order to buy more Binance coin in order to support the Binance blockchain.

5- Solana promoted itself as the ‘Ethereum killer’ but solana does not have unwavering loyalty from its holders that ethereum has. When solana begins to fall people abandon ship, but ethereum holders have been shown to hold during bad times as they have more of a long term view.

Thread first posted here on Twitter.