Amid Solana’s meteoric rise past the $200 mark, the latest from Lookonchain report reveals a significant development: the whales are getting paid. Identified by the pseudonym “BU6N2Z”, a whale has dumped a staggering 200,000 SOL, totaling approximately $39.85 million, on Binance over the past 48 hours.
Amid Solana’s meteoric rise past the $200 mark, the latest from Lookonchain report reveals a significant development: the whales are getting paid. Identified by the pseudonym “BU6N2Z”, a whale has dumped a staggering 200,000 SOL, totaling approximately $39.85 million, on Binance over the past 48 hours.
Despite this major liquidation, management retains a sizeable 1.62 million SOL in its portfolio, valued at an impressive $323 million. Of this stash, 387,000 SOL, worth $77 million, are in his wallet, while a staggering 1.23 million SOL, equivalent to a staggering $246 million, are staked.
The increase in whale activity coincides with Solana’s notable rise in value over the past week. Starting at $136.49, SOL has risen to $201, surpassing the $200 threshold for the first time since November 2021. This nearly 40% increase has driven Solana’s on-chain trading volume to unprecedented heights. , surpassing even Ethereum and its layer 2 counterparts such as Avalanche and Optimism combined.
Additionally, Solana’s market capitalization has surpassed the $90 billion mark, cementing its position as one of the top 200 companies in the world in terms of size. This increase in market capitalization underscores Solana’s growing dominance in the cryptosphere and its emergence as a formidable competitor to established players like Ethereum.
The influx of whales dumping their holdings amid Solana’s bullish rally adds a layer of intrigue to the narrative, suggesting that even with prices rising, big investors are interested in capitalizing on the gains. As Solana continues to make waves in the cryptocurrency market, all eyes remain on how these developments will shape his trajectory in the coming days.
