Huge $19 Million Solana (SOL) Transfer Sparks Dumping Fears

Dumping fears are spiking within the cryptocurrency community after a whale moved a huge amount of Solana (SOL) tokens to an exchange. The whale tracking platform Whale Alert posted on X this morning that 336,999 SOL was transferred from an unknown wallet to Coinbase. The transferred tokens were worth about $19,100,615.

🚨 336,999 #SOL (19,100,615 USD) transferred from unknown wallet to #Coinbasehttps://t.co/etqEyrt4qJ

— Whale Alert (@whale_alert) November 27, 2023

Judging from most of the comments on the post, many people believe that the whale is planning to dump his tokens soon. This might be the case as SOL experienced the largest price drop out of the top 20 cryptocurrencies by market cap.

SOL / Tether US 1D (Source: TradingView)

At press time, data from CoinMarketCap indicated that SOL experienced a 3.31% price drop throughout the past day of trading, which caused its trading value to decline to $56.46. This meant that SOL was trading very close to its 24-hour low price of $56.16.

The Ethereum-killer’s intraday volume ended up climbing by over 28% since yesterday, which brought its total volume over the past day up to $1,002,263,579. The token’s market cap, however, dropped to $23,674,930,167, which ranked SOL as the 7th largest cryptocurrency by market capitalization.

Additionally, the dip in SOL’s price caused its weekly performance to fall in the red zone at -5.56%. On the other hand, the altcoin’s price was still up by about 74% in its monthly time frame.

Really encouraging to see such a strong ecosystem growing for USDC on Solana. ~850B annual run-rate in Tx volume. https://t.co/rTQhn6fvQF

— Jeremy Allaire (@jerallaire) November 25, 2023

Despite its latest price stumble, November has been a record-breaking month for SOL. The CEO and founder of Circle reported on X on Saturday that Solana’s monthly USDC volume surpassed $70 billion. This means that Solana’s Year-To-Date USDC transaction volume has reached about $850 billion.

Top 10 chains with the most significant USD increases in TVL over the past week pic.twitter.com/OsmCbcN4H0

— DefiLlama.com (@DefiLlama) November 26, 2023

Additionally, the DeFi intelligence tracker DeFiLlama reported on X yesterday that Solana was one of the top 10 chains by weekly Total Value Locked (TVL) growth. At the time of posting, DeFi Llama indicated that Solana’s TVL stood at $28,541,329.

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