Solana Rallies Over 20% in Last Week: What's Behind the Move?

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. The native token of the sla the Blockchain soul climbed over 20% last week as one of the top performing assets in the overall crypto markets. That's according to coindesk data. This comes as Blockchain addresses tied to FTX show the bankruptcy estate staked over 5.5 million Seoul worth $160 million at current prices and just over 24,000 E worth 40 million on chain watchers on X. Citing the data said the sole token seem to have been staked on figment where it will earn nearly 6.8% annualized on the holdings or over $8 million in soul tokens, which gets compounded. FTX was an early investor in Solana and regularly receives a significant volume of soul unlocked according a planned vesting schedule, it held over $1.16 billion worth of tokens as of September 2023. As per court filing Seoul is currently trading around $29. That's it for today's chart of the day. I'm Jen Sasi. We'll see you next time to unpack more of the data behind top news stories.