Possible Whale Accumulation in Solana

03/08/2023 03:06 • Tech Trends • 101 views

It is reported that according to Whale Alert data, a batch of Solana whales have transferred nearly US $70 million of SOL to Coinbase. These whales have carried out multiple transactions in two minutes, with each transfer ranging from 599999 to 554000 SOL, a total of 2954427 SOL. It is believed that the same entity is likely to be behind these transactions. （cryptoglobe）

Solana whale has transferred nearly US $70 million SOL to Coinbase

Analysis based on this information:

According to a report from Cryptoglobe, a group of Solana whales have transferred almost US $70 million worth of SOL to Coinbase. This news comes from Whale Alert data, which monitors large cryptocurrency transactions. The group carried out multiple transactions in two minutes, with each transfer ranging from 599999 to 554000 SOL, adding up to a total of 2954427 SOL.

The fact that these transfers were made to Coinbase, one of the largest and most reputable cryptocurrency exchanges, suggests that the whales might be accumulating Solana. Although this could be pure speculation, transferring such a significant amount to one exchange could signal that the whales are positioning themselves for a price appreciation in the near future.

Furthermore, the fact that all the transfers were made within two minutes indicates that a single entity might be behind these transactions. This also supports the possibility of accumulation, as the whales might be trying to keep their actions under the radar by making multiple, smaller transfers.

It is worth noting that while Solana has experienced significant growth in the past year, it is a relatively new and volatile cryptocurrency. In September 2021, it hit an all-time high of over $200, but by mid-October, it had dropped to around $150. This suggests that Solana’s price may be subject to extreme fluctuations, and the whales may be taking advantage of this in their accumulation strategy.

Overall, the transfer of almost $70 million of SOL to Coinbase by a group of whales suggests that there may be an accumulation strategy at play. As with all cryptocurrency investments, buyers should do their research and evaluate their risk tolerance before making any purchases.

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Possible Whale Accumulation in Solana

Solana whale has transferred nearly US $70 million SOL to Coinbase

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