Lookonchain’s most recent research reveals a noteworthy development amidst Solana’s explosive ascent above $200: whales are cashing out. A whale, going with the moniker “BU6N2Z,” has dumped an incredible 200,000 SOL on Binance in the last 48 hours, or around $39.85 million.
The address still has a substantial 1.62 million SOL in its portfolio, worth at an astounding $323 million, despite this significant sell-off. A whopping 1.23 million SOL, or $246 million, is staked out of this cache, with 387,000 SOL, or $77 million, sitting in their wallet.
Whale activity has been increasing at the same time as Solana’s value has been rising dramatically over the last week. SOL increased sharply from $136.49 to $201, crossing the $200 mark for the first time since November 2021. This over 40% increase has driven Solana’s on-chain trade volume to previously unheard-of levels, exceeding the combined trading volume of Ethereum and its layer-2 competitors, such as Avalanche and Optimism.
In addition, Solana’s market value has surpassed $90 billion, securing its place among the top 200 largest firms in the world. The increase in Solana’s market value highlights the company’s rising prominence in the cryptocurrency space and its development as a serious rival to well-established firms like Ethereum.
A layer of interest is added to the story by the rush of whales selling off their shares during Solana’s bullish rise, implying that despite skyrocketing prices, big investors are eager to profit. All eyes are on Solana as it makes waves in the cryptocurrency market and wonder how these changes would affect its future course.
