Despite Solana being a highly sought-after blockchain network in the market, its native token SOL has not performed well in terms of price over the past month. During the same timeframe, SOL has dropped about 8.8%, while Bitcoin and Ethereum have increased by 17.5% and 29% respectively.
Meanwhile, according to information shared by on-chain analyst Yujin, a SOL staking whale redeemed 560,000 staked SOL last night, with a total value of about $122 million, and transferred all of it to the Binance exchange, suspected to be for liquidation.
According to Yujin, the whale previously withdrew 993,000 SOL from Binance in March and staked them when the price of SOL was around $157. Since then, these SOL have been gradually redeemed and transferred back to Binance, and today marks the largest and final transaction. This series of operations has resulted in a profit of $37.2 million from SOL, including capital gains and staking rewards.
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