A group of massive Solana whale wallets recently transferred more than $60 million worth of $SOL to the Nasdaq-listed cryptocurrency exchange Coinbase in a series of transactions that suggest the funds were moved by a single entity.
Whale Alert, a whale monitoring service, detected several transactions worth between $12 million and $12.5 million of Solana made to the US-based cryptocurrency trading platform within minutes of each other.
Whale Alert flagged the transactions, which showed between 599,999 and 554,000 SOL moving to wallets controlled by the cryptocurrency exchange.
The transactions, totaling 2,954,427 SOL and nearly $70 million, were completed in less than two minutes, suggesting the possibility of a single entity behind them.
Since the cryptocurrency was transferred to a crypto exchange, it could potentially be sold on the open market. The transactions incurred negligible fees and come after Solana’s price moved up significantly earlier this year as it recovers from the collapse of FTX and has developers keep building on it.
Solana is a blockchain network founded by former engineers from Qualcomm, Intel, and Dropbox that employs a delegated Proof-of-Stake (dPoS) consensus algorithm to achieve high performance.
The network implements a distinctive approach to ordering transactions that substantially enhances its speed and throughput.
This move by the Solana whale wallets could indicate a potential bullish market sentiment toward Solana, a fast-rising cryptocurrency.
The fact that the transactions were completed in less than two minutes highlights the fast transaction speeds Solana is known for, making it a popular choice among traders and investors alike.