A cryptocurrency whale has recently invested more than $4.5 million into the popular smart contract platform Solana ($SOL), continuing their accumulation of more than 200,000 tokens since early February.
According to data from on-chain analysis service Lookonchain, the cryptocurrency whale bought 34,807 SOL tokens worth around $4.5 million recently, but since February has accumulated nearly $30 million worth of the cryptocurrency.
The whale’s accumulation came from leading cryptocurrency exchanges Binance and MEXC, and has an average price of $142. Around 115,135 of their total SOL holdings are staked on the network, meaning around $15 million worth of SOL are generating yield while helping secure the Solana network.
A whale bought 34,807 $SOL($4.52M) again 12 hours ago!Since Feb 7, this whale has withdrawn 206,951 $SOL($29.3M) from #Binance and #MEXC at an average price of $142 and staked 115,135 $SOL($15.3M).https://t.co/rnrXRXmNkB pic.twitter.com/Ce6DqyVvvQ
— Lookonchain (@lookonchain) September 10, 2024
The move comes as another Solana whale offloads their significant holdings in the cryptocurrency. That other whale has so far sold around $99 million worth of SOL, offloading an average of $2.75 million wort of the cryptocurrency per week since the start of the year.
Solana is at the time of writing trading at $134 after losing around 12% of its value over the past month amid a wider cryptocurrency market downturn that saw the price of Bitcoin plunge below the $53,000 mark before recovering.
The smart contract platform was heavily affected by the collapse of FTX in 2022, as the exchange and its founder were well-known Solana supporters with various investments within its ecosystem. At the time, SOL plunged from over $200 to a low of around $8 before recovering.
Featured image via Unsplash.
