In a series of mysterious transactions that have attracted the attention of cryptocurrency enthusiasts and analysts, Solana (SOL) whales moved $180 million worth of SOL tokens.
Solana Whales Made a Transfer of 180 Million Dollars
According to Whale Alert, a service that tracks cryptocurrency transactions, a large transfer involving 1,782,144 SOLs worth approximately $170,364,121 was made from an unidentified wallet to Coinbase, one of the leading cryptocurrency exchanges.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,782,144 #SOL (170,364,121 USD) transferred from unknown wallet to #Coinbasehttps://t.co/qsbyjvNwmN
— Whale Alert (@whale_alert) February 5, 2024
Shortly after, another transaction was reported in which 119,597 SOLs worth approximately $11,436,478 were moved from Coinbase to an unknown new wallet.
🚨 119,597 #SOL (11,436,478 USD) transferred from #Coinbase to unknown new wallethttps://t.co/k4ScR62UYh
— Whale Alert (@whale_alert) February 5, 2024
These transfers may relate to institutional investors or large-scale Solana investors seeking to secure profits or reposition their portfolios in anticipation of future market movements.
As of the latest updates, Solana is trading at $97.90, up 1.14% in the last 24 hours.
Transaction volume for Solana also increased significantly, reaching a total of $1,502,291,564, an increase of 18.26% in the same period. This increased activity and price movement coincides with a period when the market is showing signs of volatility and investor interest is increasing.
Liquidation figures reported by CoinGlass, a platform that provides information on cryptocurrency futures and spot markets, also increase this interest.
In the last 24 hours, Solana liquidated $6.13 million; long positions made up $4.33 million of this total, and short positions made up the remaining $1.79 million.
*This is not investment advice.