Over the last 24 hours, Solana, the fifth-largest cryptocurrency by market cap, has been making waves, positioning as one of the top trending cryptocurrencies and blockchain among investors and developers alike. According to Santiment data, Solana ranked as high as taking the fourth position among the top trending assets.
Within this time, the network has recorded a massive increase in its number of daily active addresses (DAA), sparking intrigue across its community. Amid this trend, a whale was spotted grabbing thousands of SOL coins, to the tune of 61k, feeding off the hype surrounding the coin and betting large on its future outlook.
Solana Whale Accumulates 61K Coins
This movement was first reported by Lookonchain, a blockchain transaction tracking service. According to data presented by the tracker, this whale purchased exactly 60,983 SOL in the last 48 hours, valued at approximately $8.4 million. A closer look into the transaction details on Solscan reveals that this whale has been accumulating SOL from exchanges like Binance and MEXC for the past 11 days.
Source: Solscan
Moreover, this whale didn’t stop at purchasing Solana, it also staked hundreds of thousands of SOL to earn rewards while holding it. Per data from the aforementioned service, the whale has staked 115,135 SOL, worth $15.3 million so far. The activity of amassing significant amounts of a crypto asset is usually translated to bullish which can trigger other investors to buy into the asset with hopes of an imminent rally.
Solana Breaks DAA History Records
Meanwhile, Solana has gained extra popularity over the last 24 hours, recording the highest DAA in its history. This trend was fueled by the creation of new tokens, particularly memecoins on the network. These new tokens have attracted the attention of traders hence the significant increase in the number of daily active addresses.
For context, daily active addresses are the number of addresses that transact on the network in one day. These transactions could come in any form like buy, sell, or swap.
According to data from Artemis Terminal, Solana reached a high of 5.4 million total DAA on September 9, indicating its highest position in history. The spike first reached 4.6 million on September 6, and dropped to 4 million and 2.8 million respectively on Sept 7 and 8, before shooting to its current position.
Source: Artemis Terminal
Moreover, the rise in DAA gave room for an increase in daily transactions. Notably, Solana saw a total daily transaction of 40.3 million, exceeding other blockchain giants like Ethereum, Cardano, and Binance Smart Chain (BSC). With these metrics, investors are hoping for a radical increase in the price of the native SOL token but this is not exactly the case.
Solana (SOL) Dips Amid Progress
The price of Solana spiked to $137 per coin on September 10 amid the frenzy, but has, however, dropped at the time of writing. According to data from CoinGecko, SOL has backtracked to $131.88, representing a 1.75% decline at the time of writing.
In the weekly chart, Solana is still up by 3.44%, indicating resilient bulls even though in a bearish environment. Interestingly, Solana’s 24-hour trading volume declined by 22% to rest at $1.84 billion. Ultimately, crypto analysts predict the price of the coin to break out and reach a high of $160 soon.
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