A prominent whale or institution has offloaded a substantial amount of Solana (SOL) tokens this year, totaling $99.5 million in sales. Despite the significant sell-off, the entity retains a considerable stake, holding 1.88 million SOL, valued at $255.89 million. This development could impact Solana’s market dynamics, especially amid fluctuating gas revenues across major blockchain networks.
Since January 1, 2024, the whale has been consistently selling an average of 19,306 SOL weekly, amounting to around $2.76 million each week. This sustained selling pressure has resulted in nearly $100 million worth of SOL being liquidated from the market by this single entity alone.
Despite the ongoing sales, the whale still holds a substantial amount of Solana. With 1.88 million SOL staked, worth approximately $255.89 million, the whale continues to have a significant presence in the Solana ecosystem. The impact of this activity on Solana’s price and market sentiment is yet to be fully realized, but such substantial movements can often trigger volatility.
Gas Revenue Changes Across Blockchains
According to the stats from Lookonchain, the activity of this whale coincides with notable changes in gas revenues across various blockchain networks, as analyzed by Lookonchain and data from DeFiLlama. In the attached image, Ethereum’s gas revenue dropped by 33.44% from July to August 2024, while Solana saw a sharper decline of 48.51%. This decline in revenue might suggest a decrease in network activity, possibly correlating with the whale’s sell-off strategy.
Other blockchain networks, such as Tron, Bitcoin, and BSC, experienced varied shifts in gas revenues during the same period. Tron saw a notable increase of 46.54%, while Bitcoin and BSC experienced more modest changes of -16.85% and +6.63%, respectively. These shifts highlight the dynamic environment within which the whale’s Solana sell-off is occurring, possibly affecting investor sentiment across multiple chains.
The substantial liquidation by a whale or institution, selling nearly $100 million worth of SOL in 2024, is a significant development for the Solana market. While the whale continues to hold a large stake in SOL, the ongoing sales raise questions about the future price trajectory of Solana and its competitive position relative to other major blockchain networks. As the market reacts to these developments, the broader implications for investor sentiment and blockchain performance remain closely watched.
