Solana Coin (SOL) Will Be Bought by Pantera Capital Worth IDR 3.9 Trillion, SOL Price Increases?

Pantera Capital, one of the world's largest crypto asset managers, is seeking funding from large investors to buy Solana (SOL) tokens cheaply from bankrupt crypto exchange FTX. This is a rare opportunity to get SOL tokens, one of the most popular cryptocurrencies of the year, at a deep discount.

Pantera Capital Buys FTX's SOL

According to a Bloomberg report on March 7, Pantera Capital has launched the Pantera Solana Fund, a special fund aimed at acquiring up to $250 million (IDR 3.9 trillion) of SOL tokens owned by FTX. FTX is a crypto exchange founded by Sam Bankman-Fried, an entrepreneur and philanthropist who is also a major supporter of Solana. FTX filed for bankruptcy in November 2022 after being dragged into a fraud and money laundering scandal.

Pantera Capital offers investors to buy SOL tokens at a price of around $59.95 (IDR 935,000) per token, or about 39% lower than the average price for 30 days. However, there is a condition: investors must be willing to keep their SOL tokens for a minimum of four years, and pay a management fee of 0.75% and a performance fee of 10% to Pantera Capital.

Pantera Capital had hoped to close the fund by the end of February, but only managed to raise part of the funds, the amount of which was not disclosed, according to anonymous sources cited by Bloomberg. The source also said that the acquisition strategy is intended to help FTX liquidators to sell their SOL assets without depressing the market price. When FTX went bankrupt, Solana accounted for 34.2% of its total assets, while Bitcoin and Ethereum only accounted for 22.1%.

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Solana Soars High

Solana is one of the most innovative and advanced blockchain projects in the crypto world. Solana is capable of processing over 50,000 transactions per second with extremely low fees and extremely low latency, making it an ideal platform for crypto applications such as DeFi, NFTs, gaming, and more. Solana also has a rich and diverse ecosystem, with hundreds of projects and partners operating on it.

Solana's native token, SOL, has mirrored the project's achievements with tremendous price increases. In the past year, SOL has risen by around 360%, making it one of the best-performing cryptocurrencies in the market. On March 7, SOL hit a new all-time high of $145 per token, according to CryptoSlate data.

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Causes of Solana (SOL) Price Rise

The increase in SOL price was driven by several factors, including:

• The overall positive market momentum was triggered by the launch of an exchange-traded spot Bitcoin fund (ETF) in the US in February, which pushed the price of Bitcoin to a new record high above $60,000 (USD 938 million) per coin.
• New investor interest in Solana, both from retail and institutional investors, who are interested in the technology and vision of the project. Some notable investors who have invested in Solana include Alameda Research, Multicoin Capital, Jump Trading, CMS Holdings, and Kinetic Capital.
• The resurgence of DeFi activity on the Solana blockchain, with the total value of assets locked on the network reaching nearly $3 billion (Rp 46.9 trillion). This is the highest level since May 2022, according to data from DeFillama. Some of the popular DeFi projects running on Solana include Raydium, Serum, Mango Markets, Saber, and Oxygen.

Solana is one of the most promising crypto projects and has the potential to become one of the leaders in the industry. With the speed, scalability, and innovation it offers, Solana can provide new experiences for crypto users and developers. Pantera Capital, with its plans to buy SOL tokens at a low price, may have seen a golden opportunity to invest in the crypto future.

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How to Buy Solana (SOL) on Bittime

You can buy and sell Solana (SOL) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Solana (SOL) on Bittime.

Monitor the price chart movements of Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Solana Future (SOL) & Solana ETF Prediction

Solana Shifts Binance Coin, Becoming the Fourth Largest Crypto in the World

Solana (SOL) 2024: A Comprehensive Guide for Beginners

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.