A big-time cryptocurrency investor, known as a “whale,” has been quietly selling off a ton of Solana (SOL) since the start of the year.
Whale’s Big Sell-Off
According to blockchain trackers, the whale has sold over 614,000 SOL, which is worth a whopping $89 million! They’ve been doing this over several months, selling on popular exchanges like Coinbase, OKX, and Binance.
Where’s the SOL Coming From?
It looks like the whale has been pulling SOL out of staking platforms – places where people earn rewards for holding their crypto – and then selling it. This suggests they might be getting out of Solana.
Solana’s Struggles
This whale’s actions come at a time when Solana is facing some challenges. Institutional investors are pulling their money out of Solana, with last week seeing a record $39 million outflow. This is partly because Solana relies heavily on memecoins, which haven’t been doing so well lately.
Bitcoin and Ethereum Still Strong
While Solana is struggling, Bitcoin and Ethereum are still attracting investors. Last week, Bitcoin saw $42 million in inflows, while Ethereum saw $4.2 million.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
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