FTX liquidators increase Star Atlas selling pace

Today, FTX liquidations of Star Atlas tokens $POLIS and $ATLAS increased substantially. While this may seem like bearish news, it’s quite the opposite. FTX liquidations are now projected to last shorter than previously predicted.

What You Need To Know  

In addition to the ongoing token sales on centralized exchange Gate.io, there are now two liquidation dollar cost averages on the @JupiterExchange for both ATLAS and POLIS:  

• ATLAS: 350,771 & 499,849 per hour totaling 850,620 per hour  
• POLIS: 23,992 & 3,613 hour = 27,605 per hour

Since yesterday, the increased selling from the FTX liquidations on DEXs equals 110% for ATLAS  and 664% for POLIS

At current token price values, the total USDC daily sell volume equals:  

• ATLAS: $33,900 per day  
• POLIS: $62,700/day

This is the first time since April 1, 2024 that the firm carrying out the FTX token liquidations has had two sell accounts for either ATLAS or POLIS at the same time. This increased sell pressure is directly causing today’s downward price action.

What Does This Mean Going Forward

Increased volumes of token selling as stated above (if it continues) will likely drive prices lower, but I don’t think you can chart this type of price action.  Importantly, however, this will also dramatically reduce the duration of these liquidations, bringing an end to this madness sooner rather than later.

New Estimated Time Left For Token Liquidations To Conclude:

• ATLAS: 9-10 days (Old estimate = ~11 days)
• POLIS: 9-10 days (Old estimate = ~35 days)

I want to stress that I am not concerned right now, I am actually excited.

Let me explain: These tokens are being sold by a firm that likely received them for cents on the dollar, doesn’t care about price or project fundamentals, and has a lot of tokens they wanted gone yesterday. They are pushing the market cap of Star Atlas tokens to values comparable to projects that aren’t even in the same stage of development.

Star Atlas is being built by a super passionate, extremely talented team willing to work on the project on their own time. It has had a fully operational economy running for nearly a year, a solid path to Season 0, and a top-tier community built over years of development.

This community has been battle-tested through project bugs and has outlasted events that no other project in Web3 or Web2 could even dream of enduring. We’re building in UnrealEngine, the best gaming engine available today, on Solana, the best blockchain in all of crypto and by far the most popular this cycle.

For all the OGs out there, development is so far along that we are “most definitely, getting close to a jog. When we get Fleet Command, Galia and instanced game modes humming we’re in a jog. Season 0 is running.” -bunthius, CPO at Star Atlas

If you’ve seen where we’ve come from, and you know where we are going, these token prices may just be a fantastic DCA opportunity. Not only this but for the first time ever, Star Atlas tokens will no longer have Private Token Holders or early investors or FTX to continuously dump tokens on to this passionate community.

Not Financial Advice and these are my own personal opinions.