Solana Whale Continues $86M Selloff with $2.8M Transaction
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
A Solana whale has continued their selloff with a recent $2.8 million transaction to exchanges, part of an ongoing dump that began in January. This latest move brings the total amount sold to approximately $86 million for the year.
On August 13th, on-chain analytics firm LookOnChain brought attention to the significant whale activity.
A whale sold 594K $SOL($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.
The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt
The whale wallet has been dumping tokens weekly since January 15th. According to the data firm, the whale has transferred at least 594,000 SOL tokens to Coinbase, Binance, and OKX this year.
The tokens are worth about $86 million in total, as SOL’s price hovers at $145.07. The whale sold tokens at least once per week, with the latest sale being a 20,000 SOL (about $2.8 million) token transaction.
A move that has been interpreted as a dollar-cost averaging strategy, gradually selling tokens over time rather than making a single, large transaction.
This series of dumps comes amid the rising anticipation of a US Solana-based exchange-traded fund (ETF).
Asset managers VanEck, 21Shares, and others filed to form a spot Solana ETF earlier this year.
The US Securities and Exchange Commission’s deadline to either approve or reject the applications is March 2025. While the approval of spot Bitcoin and Ethereum ETFs this year has built up hopes that Solana could be next, some experts remain
Read more on cryptonews.com
