Solana whale sits on $153M profit after 4-year staking play

1 month ago

Lookonchain reported that the whale whitethorn person started offloading their tokens, sending 100,000 Solana to Binance.

Solana whale sits connected $153M nett aft 4-year staking play

A Solana code with implicit 1 cardinal tokens is sitting connected implicit $153 cardinal successful nett aft a four-year staking play connected the crypto asset.

Blockchain analytics steadfast Lookonchain flagged the wallet code of a whale that staked astir 1 cardinal Solana (SOL) tokens successful 2021. At the clip of the staking, Solana tokens were worthy astir $27, which means the trader spent astir $27 cardinal to execute the staking play.

Four years later, the whale’s full staked Solana holdings reached 1.29 million. With Solana appreciating to astir $140, the whale’s holdings accrued successful worth to astir $180 million.

On April 22, the whale started offloading a information of the token stash to currency retired connected the gains. Lookonchain reported that the whale had already unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance. Sending tokens to crypto exchanges often indicates an intent to sell.

Even though the trader already took millions successful SOL tokens, Lookonchain said the whale inactive has 1.19 cardinal Solana, worthy astir $166 million. Since the trader spent $27 cardinal connected the play, the full unrealized nett for the code is astir $153 million.

Solana whales crook $37 cardinal to $200 cardinal successful four-year play

The Solana whale’s unstaking and token offloading travel another Solana staking play that progressive hundreds of millions earlier successful April.

On April 4, Arkham Intelligence information showed that 4 wallets that staked $37 cardinal successful tokens successful 2021 had their tokens unlocked, meaning they tin unstake and merchantability them. The blockchain quality level called the lawsuit “the largest single-day unlock of staked SOL.”

During the unlock, the tokens were worthy implicit $206 million. After the tokens were unlocked, astir $50 cardinal successful tokens were sold.

Solana concisely flips Ethereum successful staking marketplace cap

As galore whales crook to Solana for staking plays, the web concisely flipped Ethereum successful the staking marketplace cap. On April 20, the blockchain overtook Ethereum regarding staked token worth aft reaching implicit $53 billion. However, the lawsuit was short-lived arsenic Ethereum easy recovered the apical spot.

While the lawsuit whitethorn look bullish, assemblage members were divided connected whether Solana overtaking Ethereum is bullish oregon bearish for the network.