The post FTX News: $46M mSOL Transfer to Coinbase Prime Sparks Market Debate! appeared first on Coinpedia Fintech News
The latest revelation about a huge transfer of mSOL from an FTX wallet to Coinbase Prime has triggered speculations among the crypto enthusiasts. It has opened a debate on the possible impact of this transfer. Here is what we know right now about the development.
Transfer of mSOL from an FTX wallet to Coinbase Prime: Latest Updates
The news about this huge move was revealed in a post in X by Lookonchain. As per the post, a huge sum of mSOL, worth at least $46.09 million, was transferred from a FTX wallet to Coinbase Prime.
Many have responded to the post. There are a few in the crypto community who see this development as a strategic move by the FTX team.
A user, identified as MemcoinBest – Solana & Aptos Maxi, are among those who have projected the above argument.
That user demanded an open discussion of how this development would affect the current trading patterns.
Marinade Staked SOL Market Overview
The current price of mSOL is around $186.48. In the last 24 hours, it has experienced a fall of 4.0%. Conversely, it has seen a positive change of 5.7% in the last seven days, and a change of +6.6% in the last fourteen days.
In the beginning of this month, August 2024, the price of mSOL was nearly $207.65. Later, it slipped to as low as $156.48 on Aug 5, creating consecutive red candlesticks, indicating the increasing strength of sellers. On Aug 6th, the thighs overturned. And, a strong green candlestick was formed. On Aug 7, a tough battle between buyers and sellers was witnessed. But, the market closed showing a slight dominance of buyers.
In the following day, an attempt was made by buyers to take the price to a monthly high, but failed and had to close at $197.05. Later, a short sideways market was formed. Though on Aug 23rd and 24th buyers made a strong attempt to create a monthly peak, but could not take an inch about the previous high of $197.05, which acted as a resistance. In the last three days, sellers enjoyed control, visible in the form of three short red candlesticks.
In conclusion, there is a possibility for the market to witness a positive moment supported by the latest development. But, currently, it is not visible.
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