A Solana address with over 1 million tokens is sitting on more than $153 million in profit

Blockchain analytics firm Lookonchain flagged the wallet address of a whale that staked nearly 1 million Solana (SOL) tokens in 2021.

A Solana whale is sitting on more than $153 million in profit after a four-year staking play on the crypto asset, blockchain analytics firm Lookonchain has pointed out.

The firm flagged the wallet address of the whale that staked nearly 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens were worth around $27, which means the trader spent about $27 million to execute the play.

Four years later, the whale’s total staked Solana holdings have reached 1.29 million. With Solana appreciating to about $140, the whale’s tokens have increased in value to about $180 million.

On April 22, the whale started offloading a portion of the token stash to cash out on the gains. reported that the whale had unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance.

See Also: How To Buy Solana (SOL)

The report also stated that the whale still has 1.19 million Solana, which is valued at about $166 million. Since the trader spent $27 million on the play, the total unrealized profit for the address is about $153 million.

Solana whales turn $37M to $200 million in four-year play

The Solana whale’s unstaking and token offloading follows another Solana staking play that involved hundreds of millions earlier in April.

On April 4, Arkham Intelligence showed four wallets that had $37 million in tokens staked in 2021 and are set to have their tokens unlocked, meaning they can be unstaked and sold. The blockchain intelligence platform called the event "the largest single-day unlock of staked SOL."

During the unlock, the tokens were valued at over $206 million. After the tokens were unlocked, about $50 million in tokens were sold.

Related: Babylon total value locked drops 32% as wallets unstake $1.2B in Bitcoin

Solana briefly flips Ethereum in staking market cap

As many whales have turned to Solana for staking plays, the network briefly flipped Ethereum in the staking market cap. On April 20, the blockchain overtook Ethereum in staked token value after reaching over $53 billion. However, the event was short-lived as Ethereum recovered the top spot.

While the event may seem bullish, community members were split on whether Solana overtaking Ethereum was bullish or bearish for the network.