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A whale or institution has recently made notable moves in the Solana (SOL) market. Two days ago, this whale unstaked and withdrew 139,532 SOL tokens. The value of these tokens was approximately $19.5 million, according to data from Lookonchain. This massive withdrawal shows that the whale has a big stake in the cryptocurrency and it could manipulate the market.
A whale/institution unstaked and withdrew 139,532 $SOL($19.5M) 2 days ago.
— Lookonchain (@lookonchain) August 31, 2024
Then deposited 139,447 $SOL($19.5M) to #Binance at a loss of $5.5M in the past 2 days.
The whale withdrew 138,894 $SOL($25M) from #Binance on July 22, when the price was $180.https://t.co/A6AKhPZvZn pic.twitter.com/mMnrGJD3iQ
Large Solana Whale Transactions Show Market Shifts and $5.5M Loss
After this withdrawal, the whale again transferred 139,447 SOL which amounted to $19.5 million, into Binance. All these transactions took place within the last two days and incurred a loss of $5.5 million. This means pouring such a large sum at a loss proves the unpredictability of the cryptocurrency market movement.
Notably, a similar whale made another withdrawal of 138,894 SOL from Binance on July 22, at a much higher SOL price of $180 per token. At that time, the withdrawal was equal to $25 million, and this does not seem to be closely related to the current SOL token valuation. Possible, the whale’s recent actions point to change of tact or a reaction to the price drop in Solana.
Whale’s Loss Sheds Light on Issues in Large-Scale Crypto Trading
Many have noted that the great loss faced by a whale has led to increased attention to the issues related to large-scale trading in digital assets. These transactions also explain how market leaders can influence the market especially during fluctuations.
This whale’s activity has been closely observed by Lookonchain. It provides insight into the difficulties faced by major investors in a volatile market.