Binance denies rumors of massive token sell-off, addressing concerns about Solana token release and potential selling pressure.
Following the recent cryptocurrency market crash and Bitcoin (BTC) price drop to $78,197 after the $1.4 billion hack of Bybit, Binance refuted rumors of extensive token sell-offs by the exchange. A Binance spokesperson, speaking to Cointelegraph, emphasized that the withdrawal of $38.2 million worth of Solana (SOL) by market maker Wintermute was part of the firm’s independent strategy and not connected to Binance. These rumors surfaced as Solana is set to release 11.2 million tokens worth $2 billion on March 1st, raising concerns about potential selling pressure.
