Galaxy Digital, a well-known asset manager, has reportedly suffered significant losses on its holdings of three cryptocurrencies on the Solana blockchain. A Chinese crypto user identified a wallet belonging to Galaxy Digital that spent $16.41 million on PNUT, ai16z, and ARC tokens. The observer's report showed that Galaxy Digital held 21.46 million PNUT tokens with a floating loss of $4.935 million, 7.53 million ai16z tokens with a floating loss of $3.133 million, and ARC tokens with a floating loss of $425,000. The declining values of these tokens are reflective of the overall decline of SOL, the native token of the Solana blockchain. SOL's price has dropped significantly, losing all its gains from earlier in the year. The decline in Solana and the cautious approach of investors highlight the need for a regulatory structure in the crypto industry.



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