- Whales inject two biggest centralized crypto exchanges with $115M in SOL.
- Solana (SOL) falls victim to the market-wide crypto cooldown on Wednesday.
- Solana’s daily trading volume exceeds $3bn as buys match pending bids.
On Tuesday evening, the cryptocurrency whales indulged themselves in massive transactions, being almost immediately spotted by crypto whale-watching agencies. Usually preceding a change in market sentiment, two Solana whales simultaneously shifted 712,000 and 372,999 SOL tokens, converting to $115 million at stamped transaction time.
The first whale was first spotted to have shuffled 703,563 SOL tokens between two unlabeled on-chain wallets before sending the same amount back to their initial wallet just one minute later with a microscopic fee of 0.000007 SOL, according to WhaleAlert.io.
Around 12 minutes later, the same Solana whale was spotted to have sent 712,000 SOL from the initial wallet to Coinbase. The popular American crypto exchange received a deposit of $75,781,923 on Tuesday, 18:52:47 UTC, when Solana’s market price was hovering around $106, just $3 away from the daily heights of the popular Layer-1 altcoin.
Despite not having a clear intention for the deed, this Solana whale is very likely to have used Coinbase to sell the coins or trade SOL into other currencies, as the original sender wallet still holds $14,606,288.27 worth of crypto, including Solana’s top dog memecoin Bonk (BONK), Jito Protocol (JTO) and the popular stablecoin USD Coin (USDC), but no more Solana (SOL).
Implications Behind Whale’s $40M Binance Transfer
Another colossal Solana whale took the time to cash out 372,999 SOL at 19:52:47 UTC, exactly an hour after the first whale started moving tens of millions of SOL between crypto wallets, with Coinbase being the final destination of the funds.
Interestingly, the second whale also transferred the full sum back to Binance, as the globe’s leading exchange by overall trading volume received nearly $40 million at 20:30:42 UTC. This Solana whale poured 372,999 SOL coins into centralized finance circulation, as neither of the two sender wallets on Solana’s chain had any SOL coins left.
While the selling motives are unconfirmed, Solana’s price movement and combined order book affirm the theory that many SOL holders are attempting to cash out at the current price range. For example, SOL’s combined liquidity book for Spot orders is almost perfect, with $169 million of pending buys and $168 of pending sells.
Sponsored
However, it’s worth noting that Solana’s pending sales have dropped by 15%, while the bid remained at status quo in comparison to the previous 24-hour period, according to real-time on-chain data by blockchain research platform CoinPaprika.
At press time, Solana (SOL) is priced at $101.72, with a 5.5% drop in the last 24 hours. Encircling over $3 billion in trading volume over the same timeframe, SOL has to come to terms with the gradual weekly market correction of 13.7%, attempting to stay afloat with a triple-digit SOL price for nearly two weeks straight.
On the Flipside
- Despite recently claiming the biggest spike in the OI-Weighted Funding Rate of the year, the rising Derivatives trading activity has accounted for $11.44 million in liquidated long positions over the last 24 hours, in comparison to $2.07 million liquidated in SOL shorts.
Why This Matters
Solana’s blockchain appeals to retail and institutional investors and is one of the best-performing altcoins of the year, with a whopping 306% upswing in the last 365 days.
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