According to data from the analytics firm Lookonchain, a major cryptocurrency whale or institutional investor has unstaked a significant amount of Solana (SOL) worth $19.5 million.
Unstaking of SOL
The crypto whale unstaked 139,447 SOL worth $19.5 million from the staking platform. The total loss from this operation amounted to $5.5 million.
Movement of Funds to Binance
The wallet owner then moved 139,447 SOL worth $19.5 million to Binance. These tokens were purchased on Binance in July when the Solana price was $180, with a total purchase amounting to $25 million. At the time of writing, SOL is trading at $131 and has lost about 19% of its value in the last month, dropping to $112 at its lowest level.
Positive Developments in the Solana Ecosystem
Despite the losses, there are also positive developments in the Solana ecosystem. According to the data, PumpFun, a memecoin production platform on Solana, reached a total revenue of $91 million. The organization made $40 million in sales from this revenue, which it obtained as 680,000 SOL at an average price of $158.
Although the crypto whale incurred losses, the positive news from the Solana ecosystem suggests ongoing development and potential for the platform.
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