As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself intrigued by the recent moves of these Solana whales. One is accumulating while the other is offloading, creating a fascinating dynamic within the SOL market.
A cryptocurrency whale has recently invested more than $4.5 million into the popular smart contract platform Solana ($SOL), continuing their accumulation of more than 200,000 tokens since early February.
According to data from on-chain analysis service Lookonchain, the cryptocurrency whale bought 34,807 SOL tokens worth around $4.5 million recently, but since February has accumulated nearly $30 million worth of the cryptocurrency.
The whale’s amassed wealth originated from prominent cryptocurrency platforms Binance and MEXC, with an average value of approximately $142 per unit. Approximately 115,135 Solana (SOL) tokens, accounting for around $15 million, are staked on the network. This means that about $15 million worth of SOL is earning returns while also contributing to the security of the Solana network.
12 hours ago, a significant investor (a whale) purchased approximately 34,807 Solana tokens ($4.52 million)!
Since February 7th, this investor has taken out a total of 206,951 Solana tokens worth around $29.3 million from both Binance and MEXC, with an average purchase price of $142 per token.
Additionally, they have staked 115,135 Solana tokens ($15.3 million) within this period.— Lookonchain (@lookonchain) September 10, 2024
The latest action stems from another major Solana investor reducing their substantial investments in the cryptocurrency. This other investor has already sold approximately $99 million worth of SOL, translating to an average of about $2.75 million per week since the beginning of this year.
Currently, Solana is being traded at approximately $134, having dropped about 12% in value during the previous month due to a broader cryptocurrency market decline. This downturn caused the price of Bitcoin to dip below $53,000, but it later rebounded.
2022’s fall of FTX significantly impacted the smart contract platform, as the exchange and its founder were prominent backers of Solana with numerous holdings within its network. Consequently, SOL experienced a steep drop from approximately $200 to nearly $8, but subsequently bounced back.
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2024-09-11 01:16