Whales Gone Wild: Solana’s $200M Staking Drama Unfolds! 🐋💸

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In the grand theater of cryptocurrency, where fortunes are made and lost with the flick of a digital pen, the Solana whales have taken center stage. With a flourish, they have begun to offload their precious tokens, a calculated move to reap the rewards of a staking endeavor that began four long years ago. Ah, the sweet taste of profit! 🍷

Back in the balmy days of April 2021, four illustrious whale addresses staked a staggering 1.79 million Solana (SOL) tokens, a treasure trove valued at a mere $37.7 million. Fast forward to April 4, when the grand unlocking occurred, heralded by Arkham Intelligence as “the largest single-day unlock of staked SOL.” A momentous occasion, indeed! And yet, the next such spectacle is not expected until 2028. Mark your calendars! 📅

Upon the unlocking, the tokens had blossomed to a value of approximately $206 million, a staggering 446% gain from their humble beginnings. Who knew that patience could be so profitable? 🤑

Solana whales sold nearly $50 million

With the tokens now free, the whales wasted no time in shedding their holdings like autumn leaves. Arkham’s data reveals that over 420,000 SOL tokens, worth about $50 million, had been unstaked by these four Solana wallets at the time of writing. Talk about a fire sale! 🔥

Blockchain analytics firm Lookonchain chimed in, noting that the whales had begun their offloading spree. One wallet address, in a fit of enthusiasm, dumped nearly 260,000 SOL tokens, raking in over $30 million. Meanwhile, three other wallets contributed to the frenzy, selling about $16 million in SOL. It’s a veritable buffet of digital currency! 🍽️

Despite their selling spree, the four wallets still clutch approximately 1.38 million SOL tokens, valued at around $160 million. A safety net, perhaps? Or just a rainy day fund? ☔

The SOL unlock comes on the heels of a notable decline in SOL token prices since April 2. CoinGecko data reveals that on that fateful day, SOL reached a high of $131.11. Yet, as of now, Solana is trading at $114.66, a 12% drop in just two days. Ouch! 📉

FTX wallets unstaked $431 million in SOL

But wait, there’s more! The unstaking event by our four whale wallets follows another grand unlock, this time by the infamous bankrupt crypto exchange FTX and its trading arm, Alameda Research. On March 4, these wallets unstaked over 3 million Solana tokens, worth about $431 million. A staggering feat, indeed! 💰

This event marked FTX’s largest SOL unlock since it began its token sell-off in November 2023. Data from the analysis platform Spot On Chain reveals that since that fateful month, the bankrupt exchange has unstaked a whopping 7.83 million SOL tokens, selling them for a cool $986 million at an average price of $125.80 per SOL. Who says bankruptcy can’t be profitable? 😏

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2025-04-04 16:41