Dogecoin (DOGE), Tron (TRX) and Polygon (MATIC) Could Get Rocked if FTX Liquidates Holdings: Analytics Firm
Three altcoins could suffer price dips due to upcoming FTX liquidations, according to the crypto analytics firm Messari.
Messari notes that FTX and Alameda hold $37 million worth of top meme asset Dogecoin (DOGE), $33 million worth of blockchain-based operating system Tron (TRX) and $22 million worth of the scaling solution Polygon (MATIC).
“The relevant figure isn’t the absolute value of the tokens held, but rather their amount relative to each asset’s actively traded volume. For example, FTX/Alameda’s BTC holdings ($353 million) are roughly 1% of BTC’s weekly traded volume, meaning the market can absorb much of the selling, and the same goes for ETH.”
However, for DOGE, TRX, and MATIC, which are far less liquid, the $20~$30 million FTX holds represents 6-12% of weekly volumes and can have a much higher impact on the market.”
DOGE is trading at $0.0613 at time of writing. The 9th-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.
TRX is trading at around $0.0815 at time of writing. The 11th-ranked crypto asset by market cap is up more than 5% in the past day.
MATIC is trading at $0.511 at time of writing. The 14th-ranked crypto asset by market cap is up 1.75% in the past 24 hours.
Messari also says that Alameda holds $720 million worth of layer-1 blockchain Solana (SOL) and $66 million worth of the layer-1 blockchain Aptos (APT), but the firm notes that those holdings are made up mostly of vesting tokens and will be liquidated gradually, which will likely lessen their price impacts.
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