Early Backing for Solana: Elon Musk’s Cousin Emerges as One of the Initial Investors, Expert Discloses

As the anniversary of the FTX collapse approaches, the price has dropped by 15% from a 14-month high, indicating that a recent rally might be losing momentum due to the looming sell pressure. It’s important to note that unstaking and transferring tokens to exchanges is typically the first step in the process of liquidating assets, although the estate hasn’t made any sales as of yet. It’s worth mentioning that earlier this year, the Securities and Exchange Commission (SEC) raised concerns by alleging that Solana might be classified as a security. However, market volatility eased when the Solana Foundation publicly disputed the SEC’s allegation. Furthermore, Ripple secured a partial victory in a separate case against the SEC, a development that legal experts noted as a setback in the commission’s broader crackdown on cryptocurrencies.