Amid the sudden resurgence of the crypto market, blockchain monitoring firm Whale Alert has uncovered a series of large-scale Solana transfers that have raised eyebrows across the crypto community.
The tracker provided data revealing that large Solana holders moved over 7.6 million SOL, worth over $1 billion, within minutes.
A series of large Solana transfers between multiple unidentified wallets has sparked debate across the cryptocurrency community.
Solana whale resurfaces
While it is not unusual for Solana Whale to withdraw such large amounts of tokens in large-scale transfers, the timing and frequency of these transfers cannot be overlooked and has raised concerns among investors about the motives behind the transfers.
In a series of mysterious moves, more than 7.6 million Solana tokens were moved in six separate transactions. First, 969,873 SOL worth approximately $133.48 million was transferred between two unknown wallets.
In a separate move, 1,629,999 SOL worth $223.76 million was also transferred between unknown wallets, followed minutes later by 858,394 SOL worth $117.52 million.
Two identical transfers, each carrying 1,630,000, were then also performed between unidentified wallets. The last transfers witnessed during the period saw 970,283 SOL transferred worth $132.77 million.
Are Solana whales benefitting?
Although the sender and destination of each transfer remains unknown, details provided by the source indicate that some of the transfers were associated with newly created wallets.
Therefore, market participants are wondering whether this move is an attempt by the Solana ETF or other institutions, perhaps prominent holders, to sell their holdings or profit from the price spike, or whether it is simply a shuffling of funds with little impact on the token's current price trajectory.
Nevertheless, it is important to note that immediately after SOL's massive move, Solana's price briefly returned to the red zone.
Despite posting a notable rally earlier today, Solana is currently seeing a slower recovery, with the price showing a modest 0.32% decline from the previous day, trading at $136.56 at the time of writing, according to CoinMarketCap data.
