Advertisement
AD

Main navigation

Millions of Solana (SOL) Tokens Shifted in Recent Hours, What's Happening

Advertisement
Tue, 7/02/2023 - 15:45
Millions of Solana (SOL) Tokens Shifted in Recent Hours, What's Happening
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The crypto data tracker Whale Alert has spotted a massive Solana transfer in recent hours. It states that 7,981,517 SOL worth $184,488,088 were transferred between wallets.

Advertisement

The reason for the move and who is behind it are still unknown. It might be a wallet reshuffling by whales or even exchanges. It might also be whale buying.

At the time of publication, SOL was up marginally in the last 24 hours at $23.20. Solana's SOL made a comeback in 2023 after its price steadily declined as a result of its association with FTX.

According to a Solana Foundation blog post in November, the total transactions between FTX and Alameda and the Solana Foundation and Solana Labs amounted to 58,086,686 SOL tokens.

The Solana Foundation also stated that as of Nov. 6, it had less than $1 million in cash or cash equivalents on FTX.com.

By purchasing SOL tokens in bulk from the Solana Foundation, the nonprofit that aids in the development of the blockchain, FTX and sister company Alameda Research displayed support for Solana. Alameda Research reportedly also bought large quantities of SOL from Solana Labs.

Related
Alameda Research Address Flagged Moving New Funds, What's Happening?

As reported, even though Alameda Research is mired in bankruptcy proceedings, addresses connected to it are still recording active transactions.

Currently, the bankrupt company's management is keen on recovering all the money connected to the exchange and its subsidiaries to pay off all of its creditors.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles