---
title: What's Driving Token Prices? (May 4, 2022)
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving RGT, FTM, SOL, and GNO token prices in the digital asset ecosystem this week (5/4/2022).
image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg
---

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# What's Driving Token Prices? (May 4, 2022)

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 May 4, 2022

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

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- **RGT (-22%)** - Rari Capital suffered its 2nd hack; the hacker made off with $80M across 7 different pools. Rari is a DeFi project that allows users to create their own lending markets. One of the hack victims, Fei Protocol (which merged with Rari last year), offered the hacker a $10M bounty if they offered to return the funds.
- **FTM (-20%)** - Layer-1 blockchain Fantom went into freefall this weekend after a $50M loan collateralized in Fantom tokens became liquidated, tanking the price of FTM as the loan was market sold. Fantom was already doing poorly following the exit of developer Andre Cronje. The borrower in question had tied up their assets and could not source liquidity to top up the original loan, which led to a community stop hunt. The token lost over 30% on Saturday during the liquidation and has since recovered 16% since.
- **SOL (-11%)** - On Saturday, Layer-1 blockchain Solana suffered a 7-hour outage following an incredibly popular NFT mint. Users reportedly used bots programmed to execute the minting function, which effectively spammed the network and took the blockchain down with it. This outage is Solana’s second in the last few months (there was a 17-hour outage in September last year).
- **GNO (-2.8%)** - Gnosis, which offers a suite of DeFi products on Ethereum, passed a vote yesterday to burn 6.8M of its GNO token. This would reduce the token supply by almost 70%—all of which is currently held in the Gnosis treasury. In the past, token burns have had mixed market reactions (although they can be likened to stock buybacks in traditional equities), with this one not doing much for the GNO price as it is trading in line with the market this week.

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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