WHY EVERYONE IS MOVING $SOL OFF EXCHANGES?
In just 1 week, $200 million worth of Solana tokens have been moving from several exchanges such as Binance, Bybit, Bitfinex and more. This indicates strong confidence among investors hence why tokens have been transferred to their personal wallets for long-term holding. This procedure enhances security because hardware wallets are entirely under your control. The money cannot be taken like it can on a CEX and fail like FTX did. Personal wallets were not the only destination; some of them were moved to Solana validators, while others were transferred into protocols for long term staking. In fact, the popularity of memecoins on the Solana network has pushed investors to stake their SOL to participate in meme token sales (initial coin offerings, ICOs)
Remember, the movement of cryptocurrencies from exchanges, indicates shifts in investor sentiment and trading strategies. Investors believe that SOL's price will soon surpass its previous all-time high of $259.90 and this is why they are moving their funds 'in the future' for higher returns.
