Whales Dump SOL After $200M Unlock
Four of the largest Solana whale wallets began to sell some of their massive positions after they unlocked a $200 million staking position. The stake was made in April 2021, when 1.79 million SOL worth $37.7 million were staked. It is the biggest one-day unlock of staked SOL, and there will not be a repeat until 2028, based on Arkham Intelligence.
Whales Dump $50 Million in SOL
Following the April 4 unlock, the wallets began selling. Arkham data shows over 420,000 SOL—approximately $50 million—had been dumped at the time of writing. Blockchain firm Lookonchain noted that one wallet alone sold 260,000 SOL worth over $30 million, while three others sold a total of $16 million.
Despite as much as the sales, the four whale addresses still hold around 1.38 million SOL, worth around $160 million at the time of writing.
SOL Price Drops 12% in Two Days
The token price has registered dramatic movement. SOL hit a peak of $131.11 on April 2 but dropped to $114.66 by April 4, registering a fall of 12%. The sell-off has imposed additional downward pressure on Solana’s market capitalization in the face of increased volatility.
FTX Had Earlier Unstaked $431 Million
This whale move follows another autonomous large-scale unstaking. Insolvent exchange FTX and its subsidiary Alameda Research unstaked over 3 million SOL valued at $431 million on March 4. According to Spot On Chain, FTX unstaked 7.83 million SOL and sold it for $986 million at an average price of $125.80 since November 2023.
