Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed?
The post Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed? appeared on BitcoinEthereumNews.com.
Solana (SOL) whales are at it again, as they are seen to have moved a significant amount of their Solana holdings in the last 24 hours. This comes amidst the bearish sentiment in the crypto market, which has also caused Solana’s price to decline. Solana Whales Move Over $500 Million Worth Of SOL In Several Transactions On-chain data shows that Solana whales have conducted six large transactions in the last 24 hours. The first transaction involved the transfer of over 1.5 million SOL tokens ($216 million) to an unknown wallet (HCC…wmr). This wallet then sent 1.13 million SOL tokens ($163 million) to four different unknown wallets, with this unknown wallet (Auj…yhS) a majority of the transferred funds (1 million SOL tokens). Related Reading The third transaction involved the transfer of just over 1 million Solana tokens ($144 million) from an unknown wallet (GYj…gG6) to another unknown wallet (4Ax…TAh). This wallet then transferred the tokens to another unknown wallet (3vx…kom). The fifth transaction still involved the unknown wallet (3vx…kom), which moved 1.6 million Solana tokens ($230 million) to another unknown wallet (FnH…Arr). This unknown wallet then transferred the received tokens to a Coinbase-linked wallet. This transaction suggests that the Solana whale may be looking to offload their tokens, which would negatively impact Solana’s price. However, the earlier transactions indicate that the other Solana whales may just be rotating their capital between wallets rather than offloading them on the market. This is also feasible considering that there has been a lot of activity on the Solana network, with traders actively trading due to the ongoing meme coin frenzy. Data from DappRader shows that the transaction volume on the network has continued to soar despite SOL’s declining price. SOL price crashes | Source: SOLUSDT on Tradingview.com What Next For SOL’s Price Crypto analyst Ali Martinez…
Filed under: News - @ June 16, 2024 4:08 am