Solana
Over $180 Million in Solana (SOL) Sent to Major Exchange: Details
Mushumir Butt
Solana Price Crashes as Whales Trigger Massive Selloff
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Whale Alert reported four major Solana (SOL) transactions today. It indicates that over $180 million in SOL was sent to cryptocurrency exchange Coinbase today. The transfers show major market-moving activity by SOL whales.
The first transaction involves a transfer of 322 817 SOL, worth approximately $45.5 million, from an unknown wallet to Coinbase. The subsequent transfer of 318 664 SOL, valued at $44.9 million, was also sent from an unknown wallet to the same cryptocurrency exchange.
In addition, 317 314 SOL, worth approximately $44.7 million, and another 322 817 SOL, worth around $45.5 million, was transferred from unknown wallets to Coinbase. It is important to note here that the timing of these Solana whale movements comes at a time when the broader cryptocurrency market is facing a huge downturn.
Crypto Bloodbath and SOL Price
The total cryptocurrency market cap fell by 5.07% today. At the time of writing, it stands at $2.13 trillion. This crypto bloodbath was mainly driven by Bitcoin (BTC). Although the fall of BTC was caused by a multitude of reasons, the drop in its price influenced the entire crypto sector.
The SOL price has not escaped this. Currently trading at $135.01, the SOL price has seen a massive 7.8% drop in the last 24 hours. To make matters worse, this sudden transfer of SOL to Coinbase has added to the bearish sentiment surrounding the coin.
THE cryptocurrency market has seen increased volatility with no signs of gains. At the same time, large transfers of SOL to Coinbase have created more uncertainty in the Solana community. These transfers are of great importance because whales can have outsized effects on the market due to the large volumes involved.
Today’s Solana transfers show the influence of whale activity on the market. The transfer of over $180 million worth of Solana is a notable event. The next few days will be crucial in determining the short-term outlook for the SOL price and the market in general.
About the Author
Mushumir Butt
With over three years of experience in the cryptocurrency industry, Mushumir is a seasoned author dedicated to understanding the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical knowledge and communicative flair to the crypto space. Having authored countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and those new to the cryptocurrency space.