As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I’ve seen my fair share of bull runs and bear markets. The recent surge in Solana (SOL) has caught my attention, and it seems I’m not alone. Whales are amassing SOL, adding millions to their wallets, and institutional investors are pouring money into Solana investment funds.
Due to continuous increases in the value of Solana’s native token (SOL), large cryptocurrency investors, known as “whales,” have been accumulating more SOL. In fact, whales have added approximately 200,000 SOL, which equates to around $35 million, to their respective wallets.
Based on information from the on-chain analysis service Lookonchain, it has been observed that three significant cryptocurrency investors (referred to as whales) have collectively invested around $35 million in Solana (SOL) over the past few days by transferring these funds into their respective wallets. One of these whales withdrew 153,511 SOL from Binance and subsequently staked the funds, while another withdrew 35,498 SOL from both Binance and Kraken before staking the funds.
As a crypto investor, I noticed that one of the ‘whales’ (large-scale investors) withdrew approximately 13,000 Solana (SOL) tokens from Binance. This action now leaves them holding a total of 95,651 SOL tokens, valued at around $16.8 million.
It appears that whales are investing in Solana (SOL)!
— Lookonchain (@lookonchain) October 27, 2024
Over the last seven days, Solana investment funds experienced a total of $10.8 million in new investments, marking the fourth straight week of such inflows, according to CoinShares’ latest Digital Asset Fund Flows report. This growth isn’t confined to on-chain activity alone.
Last week, investments in Bitcoin-related products accumulated a total of $920 million, whereas Ethereum investment products experienced withdrawals amounting to $34.7 million. However, when considering all cryptocurrency products, there was an overall inflow of approximately $901 million.
— SolanaFloor (@SolanaFloor) October 28, 2024
Currently, investors are steadily buying up Solana (SOL), which is close to surpassing Binance Coin (BNB) and potentially claiming the position of the fourth largest digital currency in terms of market cap.
It’s worth pointing out that both cryptocurrencies have very distinct supply mechanics, even though both are gas tokens used within their blockchains that power their decentralized finance ecosystems.
Unlike BNB, which has a real-time burning feature introduced by BEP-95 and burns a part of the gas fees in each block to decrease its overall circulating supply, Solana doesn’t have a set maximum supply. Instead, it operates with an inflation mechanism.
Solana operates as an inflationary digital token, with its supply expanding at a fixed pace. Initially, there were 500 million units of Solana (SOL) in circulation when the genesis block – the initial block on the blockchain – was created during launch. At present, the total amount of SOL in circulation amounts to approximately 587 million.
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2024-10-31 04:40