Whale Loses $5.5M After Unstaking And Depositing 139,532 SOL To Binance
A significant whale or institutional player recently made a notable move in the Solana market, unstaking and withdrawing 139,532 SOL tokens, valued at approximately $19.5 million, just two days ago.
Shortly after, the same entity deposited 139,447 SOL ($19.5M) to Binance, incurring a hefty loss of $5.5 million in the process.
A whale/institution unstaked and withdrew 139,532 $SOL($19.5M) 2 days ago.
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
— Lookonchain (@lookonchain) August 31, 2024
This whale had previously withdrawn 138,894 SOL ($25M) from Binance on July 22, when the token was trading at $180. Since then, the market has taken a bearish turn, with Solana’s price dropping by 16% over the past month, currently trading below $135. This decline reflects the broader trend in the crypto market, which has been under pressure in recent weeks.
General Bad Market, Also A Contributing FactorThe situation is further complicated by Solana’s inflationary nature. Every 30 days, the network’s market capitalization inflates by approximately $1 billion. This persistent inflationary pressure is one of the reasons Solana’s token price struggles to maintain its value, even as its market capitalization continues to reach new all-time highs.
For comparison, Ethereum has inflated by $160 million, and Bitcoin by $215 million over the past 30 days. Despite these figures, Solana’s inflation rate significantly outpaces its competitors, contributing to its current price woes.
Every 30 days Solana inflates by about $1B, this is why the token price struggles but the MC keeps hitting all time highs
By comparison, Eth has inflated by $160M in the last 30 days and Bitcoin has inflated $215M in the same period pic.twitter.com/PQQQRTjCZa
— artchick.eth