A major cryptocurrency whale has made a significant move today, withdrawing 1.77 million Solana (SOL) coins, valued at approximately $223 million, from the Kraken exchange.
A significant cryptocurrency whale has made a move today, withdrawing 1.77 million Solana (SOL) coins, valued at approximately $223 million, from the Kraken exchange.
This massive transfer was flagged by Onchain Lens, a blockchain tracking firm, which also noted the creation of a new cryptocurrency address for the withdrawal.
Following the withdrawal, the whale went on to stake all the SOL coins, signaling a long-term commitment to the Solana network. Considering the current staking reward rates, if the SOL price remains relatively stable, this whale could earn up to $17 million in rewards by staking the tokens for one year through Solana’s native staking model.
However, if the whale opts for liquid staking models, which offer more flexibility and liquidity, the estimated rewards by the end of the year could reach up to $23 million, again assuming no significant changes in the SOL price.
The large-scale withdrawal and subsequent staking have naturally raised eyebrows in the crypto community, leading to speculation about potential implications for Solana.
With such a substantial amount of SOL being staked, it could contribute to a reduced circulating supply, which may influence future market activity on Solana.
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