While the crypto world still reels from FTX’s epic collapse, a surprising twist has emerged from the ashes. A whopping 79% of FTX creditors aren’t running for the hills – they’re planning to dive right back into crypto. And their target? Solana. Because apparently, getting burned once isn’t enough. Smart contracts power most DeFi applications on platforms like Solana, automating financial transactions without intermediaries.
In crypto, there’s no learning curve quite like getting burned – yet FTX victims are diving straight back into Solana’s flames.
The numbers tell a fascinating story. These battle-scarred investors plan to throw 29% of their repayments back into the crypto ring, with 62% eyeing Solana specifically. Not just that – they’re ready to double down if SOL dips below $145. Talk about persistence. Or maybe it’s just Stockholm syndrome.
It’s not hard to see why Solana’s caught their eye. The blockchain boasts lightning-fast transactions, dirt-cheap fees, and an ecosystem that’s exploding with DeFi, NFTs, and gaming projects. Plus, its community is more active than a caffeinated squirrel. The latest redemption of 178,631 SOL tokens demonstrates the ongoing liquidation process.
The recent FTX SOL auctions proved there’s still plenty of institutional appetite, with Galaxy and Pantera Capital scooping up millions of tokens at $64 and $95 respectively. The verification deadline of April 11, 2025 looms for creditors seeking second-round repayments.
But here’s where it gets interesting – or concerning, depending on your perspective. There’s a massive SOL release event looming on March 1, 2025. We’re talking 11.2 million tokens worth about $2.06 billion hitting the market. That’s enough to make any investor’s palms sweat.
Meanwhile, FTX is set to refund between $14.7 and $16.5 billion to investors, based on November 2022 prices. Bitcoin’s up 500% since then, but hey, who’s counting? The creditors certainly are, and they’re not exactly thrilled about the outdated valuations.
The kicker? One-third of these investors are also eyeing memecoins, while 31% are chasing AI-related cryptocurrencies. Because if you’re going to rebuild from a catastrophic loss, why not throw some YOLO trades into the mix?
Crypto investors, it seems, are nothing if not resilient – or perhaps just remarkably optimistic.
