Dogecoin (DOGE), Tron (TRX) and Polygon (MATIC) Could Get Rocked if FTX Liquidates Holdings: Analytics Firm

13 September 2023

in DOGE

Reading Time: 3 mins read

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).

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“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.”

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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.”

Source: Messari/X

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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