1,000,000 Solana in One Minute, SOL Whale Activated

robot
Abstract generation in progress

A Solana (SOL) whale has recently transferred one million SOL, valued at over $155 million, to an unknown wallet. The transaction, spotted by blockchain data tracker Whale Alert, occurred in a single transaction.

SOL whale transfer ignites speculation

According to the details, the transfer of $155,641,826 worth of SOL occurred between two unidentified wallets. This has sparked curiosity about the whale's motive. The whale may be repositioning the Solana coins for security reasons or simply organizing their portfolio.

Regardless of the reason, the large transaction has caught the attention of both market participants and traders. It has contributed to the catalyzed activity in the Solana marketplace as trading volume in the last 24 hours recorded a significant uptick.

As of press time, volume has climbed by 27.86% to $4.11 billion. Solana was exchanging hands at $155.57, representing a 3.81% increase in the same time frame. SOL was earlier trading below $150 at $147.39 before the recent movements.

Overall, Solana is experiencing a steady recovery, having gained significantly over the last seven days of trading. According to the data, Solana emerged as the best-performing altcoin over this period, outshining Ethereum and XRP in terms of price outlook.

The recent whale activity might further boost the price outlook as investors anticipate a potential rally on the horizon.

Solana ETF goes live, setting new benchmark

In the broader ecosystem, the first U.S.-listed Solana exchange-traded fund (ETF) has gone live on the Cboe BZX exchange. The launch marks the first staking-enabled ETF in the U.S. but has a twist in that it avoided the usual approval process. This makes it distinct from the traditional ETF.

On its first day of trading, the product generated a total of $33 million in trading volume. Despite the modest gain, it surpassed what XRP futures or Solana futures were able to rake in on their first day. This suggests better adoption by users in the market space.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)