A Solana whale has accumulated over 170,000 SOL, worth approximately $23 million, in the past 24 hours, signaling strong investor interest despite concerns about SOLâs inflationary effects.
đšBREAKING: SOLANA WHALE ACCUMULATES OVER 170,000 SOL WORTH $23 MILLION IN LAST 24 HOURSđš pic.twitter.com/RtJvqRLlcR
â SolanaNews.sol (@solananew) September 11, 2024
Meanwhile, Pump.fun, a well-known fee account, sold 9,940 SOL ($1.33M) just 19 hours ago, contributing to its total of 274,313 SOL ($42.93M) sold at an average price of $156.5. Pump.funâs total revenue has now reached 712,797 SOL ($95.87M).
The https://t.co/DrKlYnPPqY Fee Account sold 9,940 $SOL($1.33M) 19 hours ago again!https://t.co/DrKlYnPPqY has sold a total of 274,313 $SOL($42.93M) at an average price of $156.5 so far.
The total revenue of https://t.co/DrKlYnPPqY is 712,797 $SOL($95.87M).⊠pic.twitter.com/ALRubZV7L6
â Lookonchain (@lookonchain) September 12, 2024
In a related move, an FTX/Alameda-associated wallet redeemed 177,693 SOL ($23.75M) from Solanaâs PoS staking, raising speculation about future sales. This wallet still holds a massive 7.057 million SOL ($943M) in staking, much of which could have already been sold through over-the-counter (OTC) deals.
FTX/Alameda associated wallet H4yâŠgFZ redeemed 177,693 SOL (US$23.75 million) from Solana PoS staking today, and may transfer SOL to CEX in the future. H4yâŠgFZ address currently still has up to 7.057 million SOL (US$943 million) in staking. Most of the SOL held by FTX mayâŠ
â Wu Blockchain (@WuBlockchain) September 12, 2024
Many Solana Holders Are Losing MoneyÂ
While whales are making significant moves, a researcher on X highlighted that many Solana holders are unknowingly losing money by simply holding unstaked SOL. As a proof-of-stake (PoS) network, Solana rewards validators with SOL, and the supply inflates by 5% annually, gradually falling to 1.5% after 15 years. This inflation dilutes the buying power of holders who do not stake their tokens.
The solution, however, is simple: staking. By staking SOL, users can negate the 5% inflation and earn an additional 3-7% APY. Liquid staking options like $mSOL, $INF, and $jitoSOL offer even more flexibility by allowing staked tokens to remain liquid and usable in DeFi protocols. Platforms such as KaminoFinance offer extra yield opportunities on liquid staked tokens, allowing users to maximize their returns while mitigating inflation.
Staking SOL not only combats inflation but also unlocks new opportunities within Solanaâs growing DeFi ecosystem.
YOU ARE LOSING MONEY HOLDING $SOL
The title may or may not be clickbait but I'll let you decide for yourself.
Most users on Solana are completely unaware of the daily inflation of $SOL supply, the effects of this inflation and how to combat it.
So let's dive in. pic.twitter.com/xI8Zp9os8d
â Short Form King (@retentionjunkie) September 11, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Solana Whale Accumulates $23 Million In SOL Amid Rising Concerns Over Inflation appeared first on The Merkle News.
