A cryptocurrency whale has recently invested more than $4.5 million into the popular smart contract platform Solana ($SOL), continuing their accumulation of more than 200,000 tokens since early February.
According to data from on-chain analysis service Lookonchain, the cryptocurrency whale bought 34,807 SOL tokens worth around $4.5 million recently, but since February has accumulated nearly $30 million worth of the cryptocurrency.
The whale’s accumulation came from leading cryptocurrency exchanges Binance and MEXC, and has an average price of $142. Around 115,135 of their total SOL holdings are staked on the network, meaning around $15 million worth of SOL are generating yield while helping secure the Solana network.
The move comes as another Solana whale offloads their significant holdings in the cryptocurrency. That other whale has so far sold around $99 million worth of SOL, offloading an average of $2.75 million wort of the cryptocurrency per week since the start of the year.
Solana is at the time of writing trading at $134 after losing around 12% of its value over the past month amid a wider cryptocurrency market downturn that saw the price of Bitcoin plunge below the $53,000 mark before recovering.
The smart contract platform was heavily affected by the collapse of FTX in 2022, as the exchange and its founder were well-known Solana supporters with various investments within its ecosystem. At the time, SOL plunged from over $200 to a low of around $8 before recovering.
Featured image via Unsplash.
