Defunct crypto firms FTX and Alameda Research have moved $10.3 million worth of Solana (SOL) to 30 blockchain addresses, continuing their methodical liquidation of digital assets.
The transfer, carried out on June 13, was flagged by on-chain analytics platform Arkham Intelligence.
FTX Shifted Over $1 Billion in Staked Solana Since November 2023
Blockchain researcher EmberCN confirmed the activity and noted that the firms had recently unstaked 188,000 SOL, worth around $31.5 million. A portion of those tokens has already been redirected to the new addresses.
However, despite the consistent outflows, the estate still holds a significant amount of Solana. FTX still has about 5.29 million SOL, valued at over $775 million, remaining under its control, with 5.05 million locked in staking contracts.
Meanwhile, the recent Solana transactions come as FTX continues disbursing funds under its approved Chapter 11 reorganization plan.
Moreover, FTX recently added Payoneer to its list of distribution partners. This move complements existing custodians Kraken and BitGo and aims to streamline the repayment process while expanding global reach.
Analysts suggest this inclusion aims to help users in jurisdictions where crypto custodian limitations previously delayed access to funds.
Still, many creditors in countries like Russia, China, Egypt, and Nigeria remain blocked from receiving payouts. These users made up a sizable portion of FTX’s customer base before the exchange collapsed.
The Middle East and North Africa (MENA) region is quickly becoming a notable force in the push for global crypto adoption. With growing participation from institutions and enterprises and supportive regulations for Web3 technology, MENA is set to expand its impact.
BeInCrypto interviewed Stephan Apel, CEO of Outlier Ventures, to explore the characteristics of these tech-driven economies and their anticipated innovations.
Web3 Adoption and Market Growth
MENA has emerged as a significant center for Web3 development, facilitated by a combination of demographic, technological, and cultural factors. The region’s entrepreneurial spirit has also fostered an environment conducive to the adoption of decentralized technologies.
“The MENA market has set a standard for adopting next-gen technologies and using them to boost their economic transformation. This is especially true for Web3 technologies— the region recognised their potential early on, offering the resources needed for these projects to scale and thrive on both regional and global levels,” Apel told BeInCrypto.
Consequently, the region is witnessing an increase in startups, investors, and developers exploring Web3 and its diverse applications.
A 2024 Chainalysis report revealed that MENA was the seventh biggest crypto market worldwide. From July 2023 to June 2024, the region saw $338.7 billion in online crypto transactions, representing 7.5% of all crypto transactions globally.
Share of all cryptocurrency transaction value by region. Source: Chainalysis.
Notably, Turkey and Morocco ranked among the top 30 countries globally in crypto adoption. Turkey secured the 11th spot, while Morocco ranked 27th. These nations alone accounted for $137 billion and $12.7 billion in received cryptocurrency value, respectively.
Furthermore, the MENA region’s crypto activity is predominantly driven by institutional and professional players, as a substantial 93% of all value transferred involves transactions exceeding $10,000.
Meanwhile, Gulf Corporation Council (GCC) members have distinguished themselves through their ambitious technological initiatives.
MENA’s Strategic Shift Towards AI
The onset of artificial intelligence (AI) has prompted governments and businesses within the Middle East to acknowledge the global trend towards related advanced technologies. Countries like Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are considering their strategic position concerning this technological transformation.
According to a report by PricewaterhouseCoopers (PwC), AI could contribute up to $15.7 trillion to the global economy in 2030. The consulting firm predicts that the Middle East will bring 2% of the total global benefits, equal to $320 billion.
MENA’s pioneering role in AI development. Source: PwC.
The PwC report also indicates that Saudi Arabia will see the largest absolute gains from AI by 2030, with an estimated US$135.2 billion added to its economy, or 12.4% of GDP. In terms of GDP percentage, however, the UAE is expected to see the greatest impact, approaching 14% of its 2030 GDP. Meanwhile, for GCC states Bahrain, Kuwait, Oman, and Qatar, AI is expected to contribute 8.2% of their GDP.
Given the region’s latest initiatives and investments in AI innovation, these numbers come as no surprise.
Saudi Arabia’s AI Development Initiatives
In 2016, the Saudi Arabian government launched Vision 2030, a program to promote economic, social, and cultural diversification. Integral to this vision is a strategic shift towards artificial intelligence and data-driven innovation, a key component of the nation’s economic diversification efforts.
Saudi Arabia is making notable advancements in AI. The country aims to reduce its reliance on oil by developing advanced technology sectors through targeted investments, infrastructure development, and workforce training.
“Fueled by its Vision 2030 initiative, Saudi Arabia has already created a thriving startup ecosystem, dedicated significant investment in emerging technologies,and designed policies to attract global talent and entrepreneurship,” Apel told BeInCrypto.
The Saudi Data and Artificial Intelligence Authority (SDAIA) spearheads Saudi Arabia’s push into artificial intelligence, shaping and implementing the country’s national data and AI strategy. The National Data Bank is a cornerstone of their efforts. It is designed as a central hub for data access and analysis, facilitating AI applications across public and private sectors.
Last November, Saudi Arabia also unveiled Project Transcendence. The $100 billion investment initiative focuses on accelerating the integration of AI and advanced technologies.
Similar to its neighbor, the UAE has actively pursued AI adoption.
UAE’s AI Strategy and Investments
In 2017, the UAE launched its National Strategy for Artificial Intelligence, which aims to make the country a global leader in the field by 2031. The UAE AI and Blockchain Council oversees this strategy, which impacts sectors like education, energy, and tourism.
The UAE is already reaping the benefits of its AI initiatives. In April, Microsoft announced a $1.5 billion investment in G42, an Abu Dhabi-based technology holding company. G42 is known for its data centers and the development of Jais, a leading Arabic-language AI model.
In September, G42 and Nvidia partnered to create AI-driven solutions for improved weather forecasting. The collaboration aims to advance climate-related technologies by using Nvidia’s Earth-2 platform, which enables AI-augmented climate and weather simulations.
Three months later, Abu Dhabi-based global technological ecosystem Hub71 partnered with Google to boost startup growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to Abu Dhabi, including a dedicated accelerator for Hub71 startups in 2025.
He also drew attention to the planned convergence of AI and Web3 technologies in these prominent regions.
Convergence of AI, Web3, and IoT
Integrating the Internet of Things (IoT), blockchain, and AI technologies is gaining traction among businesses in the Middle East. By combining these technologies, organizations can access new avenues for growth, increase efficiency, and create novel user experiences.
In 2018, the Dubai Airport Freezone Authority launched Dubai Blink, a platform that integrates AI, blockchain, and virtual licenses to facilitate global trade. This system enhances supply chain innovation through ‘smart commerce’ by expediting trade with a unified online platform. Furthermore, it addressed the cumbersome process of supplier identification by using AI algorithms to streamline and accelerate the validation process.
Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, signals a future where the region will be a pivotal architect in shaping the digital economy.
Dogecoin (DOGE) is struggling to regain traction. It has been down more than 5% over the past seven days and has traded below $0.25 since the end of February. Despite brief signs of momentum, technical indicators still reflect a bearish bias, with key resistance levels capping upside attempts.
The Ichimoku Cloud remains red, EMA lines are still bearish, and price action continues to hover below critical trend-confirmation zones. However, a sharp shift in BBTrend and improving momentum metrics suggest traders are watching closely for a potential breakout attempt.
Dogecoin Faces Resistance as Bearish Ichimoku Structure Persists
Dogecoin’s current Ichimoku Cloud chart shows a clear bearish structure, with price action remaining below the Kumo (cloud), which is shaded red in the near term.
The blue Tenkan-sen (conversion line) is positioned below the red Kijun-sen (base line), reinforcing a short-term bearish outlook.
Additionally, the price candles are struggling to break above the Tenkan-sen, which is acting as dynamic resistance and preventing upward momentum from building. This typically signals weak buying pressure in the current market phase.
Looking forward, the Kumo cloud ahead is transitioning from red to green, indicating a potential shift in sentiment if price manages to approach and penetrate the cloud.
However, the cloud itself is relatively thick, which suggests a strong resistance zone that will require significant bullish momentum to overcome. Until price enters or breaks above the cloud, the prevailing bias remains bearish.
The Kumo’s current flat base could also act as a magnet, drawing price toward it, but sustained upside will depend on whether Dogecoin can flip the cloud into support.
DOGE Sees Sharp Reversal as BBTrend Turns Positive
Dogecoin’s BBTrend indicator has flipped strongly bullish, rising to 2 from -3.14 just a day ago.
The BBTrend (Bollinger Band Trend) is a momentum indicator that measures the strength and direction of price movement relative to its Bollinger Bands.
Values above zero suggest bullish momentum, while values below zero signal bearish pressure. The higher the positive value, the stronger the upward momentum; likewise, deeper negative values indicate stronger downward trends.
With DOGE’s BBTrend now at 2, it indicates a potential shift in sentiment and growing bullish momentum. This sharp reversal suggests that buying pressure is increasing and the asset may be entering a recovery phase.
While it doesn’t confirm a sustained uptrend on its own, a BBTrend in positive territory often precedes further gains—especially if supported by rising volume and follow-through in price action.
Traders may view this as an early signal to monitor for potential continuation.
DOGE Must Break $0.206 to Flip Trend—Or Risk Dropping to $0.168
Dogecoin’s EMA lines remain in a bearish alignment, with short-term averages still below the long-term ones, reflecting ongoing downward pressure.
If the current bounce fails to gain strength, DOGE could soon retest support at $0.168, which has held in recent sessions. Without a decisive shift in momentum, this level may act as a magnet for price action in the near term.
The absence of an EMA crossover keeps the overall trend bearish for now.
On the flip side, if momentum strengthens and DOGE manages to break resistance at $0.206, it could trigger a broader reversal. In that case, the next upside targets would be $0.232 and potentially $0.254, assuming sustained follow-through.
