Whale on Solana Network Cashes in 44 Million Profit Sparking Market Enthusiasm

Byadmin

Nov 4, 2024
Whale on Solana Network Cashes in 44 Million Profit Sparking Market EnthusiasmWhale on Solana Network Cashes in 44 Million Profit Sparking Market Enthusiasm

A prominent investor in Solana has created a stir in the cryptocurrency market by selling nearly $44 million worth of SOL, realizing significant profits. On November 4, blockchain data showed that this “smart whale” sold 265,070 SOL for approximately $43.96 million on Binance, following an earlier purchase of 500,862 SOL for about $11.81 million between August 7 and October 23, 2023. The value of that acquisition has since risen to roughly $81.14 million, reflecting a remarkable profit. This investor still holds a substantial amount of SOL, along with $24.72 million in JitoSOL and 126,631 SOL valued at $20.58 million, leading to a total profit of $87 million. This has generated optimism in the broader crypto market. Currently, SOL’s price has dipped 0.5% to $162, with recent fluctuations showing a low of $158.14 and a high of $164.71. Despite this volatility, the monthly trend indicates a 12% increase, suggesting potential for further growth. CoinGape Media’s analysis suggests SOL is still undervalued, trading 37% lower than its peak of $260.06. READ MORE:

Developing Nations Accelerate Bitcoin Adoption Through State-Funded Mining Initiatives However, Coinglass data reveals a 7.55% drop in futures open interest over the past day, now at $3.02 billion, prompting investors to closely monitor SOL’s price movements for future implications.

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