A huge amount of Solana (SOL) has been reportedly moved in a mysterious transaction from an unknown whale to the Coinbase exchange. In an interesting development, a massive amount of Solana (SOL) has been spotted moving to and from the US-based cryptocurrency exchange, Coinbase.
Over $180 million SOL moved to and from Coinbase
According to reports from WhaleAlert – an on-chain transaction tracker, a transaction carrying 1,782,144 Solana tokens (worth $170,364,121) has been spotted moving from a wallet identified as “unknown” to the Coinbase exchange.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,782,144 #SOL (170,364,121 USD) transferred from unknown wallet to #Coinbasehttps://t.co/qsbyjvNwmN
— Whale Alert (@whale_alert) February 5, 2024
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This enormous transaction has sparked speculations among the crypto community about the intention behind such a move as well as the potential short-term and long-term impact on the market.
Within the same hour, another transaction was spotted carrying exactly 119,587 Solana (SOL) tokens (equivalent to $11,463,478). However, this time, the coins were moved from Coinbase to a wallet labeled “unknown.”
The large movement of SOL to and from the Coinbase exchange could be a result of large SOL traders or institutional investors securing profits by selling off their SOL holdings. Also, it could be a repositioning strategy by these investors in anticipation of future market movements.
In a different case, it can indicate a more calculated change in the Solana ecosystem or a reaction to general market patterns.
Solana (SOL) price reaction
The effect of these transfers on the price of the token is yet to be seen. According to data from Coinstats, Solana is currently selling at $97.79 representing a 0.22% over the last day.
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Additionally, Solana has a 24-hour trading volume of $1,677,731,185 ($1.6 billion) and a live market cap of $42,656,961,078 ($42.6 billion).
The market is exhibiting indications of volatility and increasing investor interest at the same time as this increased activity and price movement.
Meanwhile, Coinglass data shows that in the last 24 hours, Solana has seen $6.13 million in liquidations; $4.33 million of the liquidations came from long positions, while $1.79 million came from short ones.
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.