AsthepriceofthenativetokenofsmartcontractplatformSolana,SOL,keepsonrising,variouscryptocurrencywhaleshavestartedamassingit,withwhalesaddingover200,000SOLwortharound$35milliontotheirwallets.
Accordingtodatasharedbyon-chainanalysisserviceLookonchain,threedifferentcryptocurrencywhalesaddedover$35millionworthofSOLtotheirwalletsoverthepastfewdays.Onewhalewithdrew153,511SOLfromleadingcryptocurrencyexchangeBinancebeforestakingthefunds,whileanotherwithdraw35,498SOLfromBinanceandKrakenbeforestaking.
Athirdwhaletheserviceidentifiedwithdrewlittleover13,000SOLfromBinance,bringingtheirtotalSOLholdingsto95,651tokens,worth$16.8million.
Whalesareaccumulating$SOL!
AA21…VxH9withdrew153,511$SOL($26.4M)from#Binanceinthepast6daysandstakedit.
EHax…gAUawithdrew35,498$SOL($6.12M)from#Binanceand#Krakeninthepast3daysandstakedit.
EGzi…mR7gwithdrew13,000.8$SOL($2.3M)from#Binance…pic.twitter.com/pfd24qTuSy
—Lookonchain(@lookonchain)October27,2024
Theaccumulationwasn’tjustseenon-chain,asCoinShares’latestDigitalAssetFundFlowsreportrevealsthatSolanainvestmentfundssaw$10.8millioninnetinflowsoverthepastweek,intheirfourthconsecutiveweekofinflows.
ThereportdetailsBitcoininvestmentproductssaw$920millionnetinflowsoverthepastweek,whileEthereumproductssaw$34.7millionoutflows.Intotal,cryptoproductssaw$901millioninflows.
🚨NEW:Solanasaw$10.8Minnetinflowsfromdigitalassetinvestmentproducts,markingitsfourthconsecutiveweekofinflows.
Bitcoinledwith$920Mininflows,whileEthereumandCardanoweretheonlyassetstorecordoutflows.
Source:@CoinSharesCopic.twitter.com/GYFqy5nqhZ
—SolanaFloor(@SolanaFloor)October28,2024
InvestorsareaccumulatingSOLatatimeinwhichthecryptocurrencyisnearlyovercomingBinance’sBNBtobecomethefourth-largestdigitalcurrencybymarketcapitalization.
It’sworthpointingoutthatbothcryptocurrencieshaveverydistinctsupplymechanics,eventhoughbotharegastokensusedwithintheirblockchainsthatpowertheirdecentralizedfinanceecosystems.
WhileBNBhasareal-timeburningmechanismthatwasintroducedwithBEP-95andseesaportionofthecollectedgasfeesgetburnedineachblockinabidtoreduceitstotalcirculatingsupply,Solanadoesn’thaveamaximumsupply,butratheraninflationmechanism.
Solanaisaninflationarytokenwhosesupplyincreasesatapredeterminedrate.Atlaunch,ithada500millionSOLsupplyallocatedduringthecreationofthegenesisblock—thefirstblockonablockchain.Thecurrenttotalsupplynowstandsat587millionSOL.
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