Amid Solana’s meteoric rise past the $200 mark, Lookonchain’s latest report unveils a significant development: whales are cashing out. Identified by the pseudonym “BU6N2Z,” a whale has unloaded a staggering 200,000 SOL, totaling approximately $39.85 million, onto Binance over the past 48 hours.
Despite this substantial sell-off, the address retains a hefty 1.62 million SOL in its portfolio, valued at an impressive $323 million. Of this stash, 387,000 SOL, worth $77 million, rests in their wallet, while a staggering 1.23 million SOL, equivalent to a staggering $246 million, is staked.
The surge in whale activity coincides with Solana’s remarkable ascent in value over the past week. Starting at $136.49, SOL has surged to $201, breaching the $200 threshold for the first time since November 2021. This nearly 40% surge has propelled Solana’s trading volume on-chain to unprecedented heights, surpassing even Ethereum and its layer-2 counterparts, like Avalanche and Optimism combined.
Moreover, Solana’s market capitalization has soared past the $90 billion mark, solidifying its position as one of the top 200 companies globally in terms of sheer size. This surge in market capitalization underscores Solana’s growing dominance in the crypto sphere and its emergence as a formidable competitor to established players like Ethereum.
The influx of whales divesting their holdings amid Solana’s bullish rally adds a layer of intrigue to the narrative, suggesting that even with soaring prices, large investors are keen on capitalizing on profits. As Solana continues to make waves on the crypto market, all eyes remain fixed on how these developments will shape its trajectory in the days to come.
