Metaplex Price Surges as FTX Estate Nears Final Token Sale

• Major crypto funds purchased 62.6 million Metaplex tokens from the FTX estate in private sales over five months.
• Metaplex trades at $0.260671 with strong support levels around $0.245, showing a 5.88% increase in the last 24 hours.
• FTX estate holds only 7.5 million MPLX tokens, scheduled for full unlock by September 19, signaling the end of token sales.

Pantera Capital and ParaFi Capital, two of the leading digital asset fund managers have acquired a significant portion of Metaplex (MPLX) tokens from the FTX estate over the past five months. These 62.6 million tokens represent a large portion of the 72.6 million MPLX tokens initially held by the FTX estate. Currently, only 7.5 million tokens remain, which will unlock on September 19.

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Metaplex, a Solana-based protocol for creating digital assets, currently has a fully diluted valuation of $245 million. Funds like Syncracy Capital secured these tokens at discounted rates, with some purchasing at $0.20. Despite these sales, the FTX estate still holds over $376 million in assets.

Metaplex Price Surges, Signaling Bullish Momentum

Metaplex is currently trading at $0.260671, a 5.88% increase in the past 24 hours. The token has a 24-hour trading volume of $927,238, indicating increased market activity. With a circulating supply of 366,869,435 MPLX coins, Metaplex’s market cap has grown to $95,632,227. 

Source: CoinMarketCap

The price action shows strong support around $0.245. After briefly dipping below this level, the price quickly rebounded, reaching a peak of $0.265. The formation of a new support level at $0.260 hints at potential further upside.

This week will also see several token unlocks including Aptos (APT), Mochimo (MOCA), Conflux (CFX). These events could significantly impact liquidity and price movements.

FTX Estate’s Final MPLX Token Sale

According to sources , the 62.6 million Metaplex tokens were sold privately by the FTX estate over the past five months. Initially, the FTX estate held 72.6 million MPLX tokens as part of its bankruptcy process. These tokens were part of the unlocked MPLX held by the estate, with an additional 2.5 million moved from FTX’s wallet last month.

Read also: FTX Repayment Plan in SEC Crosshairs, Stablecoin Use Questioned

As stated above, the remaining 7.5 million tokens are set to be unlocked by September 19, marking the end of the estate’s Metaplex token sales. This represents a significant step in FTX’s ongoing liquidation process.