Growing concerns are circulating within the cryptocurrency community as a substantial amount of Solana (SOL) tokens were recently transferred to an exchange by a notable whale. Earlier today, the whale tracking platform Whale Alert shared on X that 336,999 SOL, valued at approximately $19,100,615, was moved from an undisclosed wallet to Coinbase.
A glance at the comments on the post reveals a widespread belief that the whale may be gearing up to offload their tokens in the near future. This speculation gained traction as SOL witnessed the most substantial price drop among the top 20 cryptocurrencies by market capitalization.
As of the latest update, data from CoinMarketCap indicates that SOL experienced a 3.31% decrease in price over the past day of trading, causing its trading value to fall to $56.46. This places SOL very close to its 24-hour low price of $56.16.
The intraday volume of this Ethereum competitor increased by over 28% since yesterday, reaching a total volume of $1,002,263,579 over the past day. However, the token’s market cap dropped to $23,674,930,167, positioning SOL as the 7th largest cryptocurrency by market capitalization.
Furthermore, the dip in SOL’s price led to a negative weekly performance of -5.56%. Despite this, the altcoin’s price still reflects a remarkable 74% increase in its monthly time frame.
Despite the recent stumble in its price, November has been a groundbreaking month for SOL. The CEO and founder of Circle announced on X last Saturday that Solana’s monthly USDC volume surpassed $70 billion, bringing the Year-To-Date USDC transaction volume to about $850 billion.
Additionally, DeFi intelligence tracker DeFiLlama reported on X yesterday that Solana was among the top 10 chains with significant weekly Total Value Locked (TVL) growth. At the time of the report, Solana’s TVL stood at $28,541,329.
Metric | Value |
---|---|
SOL Transferred | 336,999 SOL |
Transfer Value | $19,100,615 USD |
SOL Price (24-hour low) | $56.16 |
SOL Price (latest) | $56.46 |
Intraday Price Drop (past day) | 3.31% |
Intraday Volume Increase (since yesterday) | 28% |
Intraday Total Volume | $1,002,263,579 |
Market Cap (latest) | $23,674,930,167 |
Weekly Price Change | -5.56% |
Monthly Price Change | +74% |
Monthly USDC Volume | $70 billion |
Year-To-Date USDC Transaction Volume | $850 billion |
DeFi TVL Growth (weekly) | Top 10 Chains |
Solana’s TVL (at reporting time) | $28,541,329 |