Solana-Based Astrals NFT Project Reaches $11M Settlement with Shaquille O’Neal

Former NBA star Shaquille O’Neal has finalized an $11 million settlement in a class-action lawsuit related to the Solana-based Astrals NFT project. The resolution, approved by a Florida federal judge, establishes a fund for affected investors who purchased Astrals NFTs or GLXY tokens between May 2022 and January 2024.

Shaquille O’Neal to Pay $11M in Final Settlement Over Astrals NFT Lawsuit

Former NBA legend Shaquille O’Neal has agreed to pay $11 million to resolve a class-action lawsuit tied to his involvement in the Solana-based Astrals NFT project. A Florida federal judge, Federico Moreno, approved the final settlement on April 1, establishing an $11 million fund for eligible investors who purchased Astrals NFTs between May 2022 and January 15, 2024, or acquired the project’s GLXY tokens during that period. The court also approved $2.9 million in attorney fees and associated costs, ruling the fee request was “fair and reasonable,” with no objections from the plaintiffs. The lawsuit was initially filed in May 2023.

Solana – Will Institutions Help SOL After 50% Drop in Memecoin Activity?

SOL shed over half its value in Q1 amid macro uncertainty and declining DEX volumes. Solana [SOL] slipped briefly below $100 for the first time in over 12 months due to prevailing macro uncertainty. Additionally, the significant fall in Solana DEX volumes from $193 billion in February to $97 billion in March, according to Blockworks research, exacerbated the price decline. Solana’s top DEX volume segment, memecoins, also dropped from $60 billion to $26 billion over the past two months, capping demand for SOL for transactions across the ecosystem.

Solana (SOL) Needs 15% Bounce After Multi-Year Support Retest

Amid the market correction, Solana (SOL) has reclaimed the $100 mark after dropping below this crucial support for the first time in over a year. Some analysts consider a 15% bounce toward a key historical support is necessary to target higher levels. SOL hit a 14-month low on Monday after falling 20% in 24 hours, momentarily trading around the $95 mark for the first time since February 2024. After the correction, SOL bounced around 18% to $112 before retracing toward the $100-$110 price range. Fueled by the market’s memecoin frenzy, SOL was one of the leading cryptocurrencies last year, hitting an all-time high (ATH) of $270 on January 19. Since then, SOL has dropped over 63% from the start-of-year highs.

Janover’s $42M Solana Treasury Strategy Could Boost Solaxy

Janover Inc., a fintech firm known for connecting real estate borrowers with lenders, has raised $42M through convertible bonds to fund its Solana treasury strategy. This positions Janover among the few publicly traded firms integrating crypto into their plan, with a particular focus on $SOL rather than popular institutional assets like $BTC and $ETH. The news also highlights the Solaxy ($SOLX) presale, the backbone of a Solana Layer-2 network currently in development.