According to onchain data provided by cryptocurrency analytics firm Lookonchain, a major cryptocurrency address thought to be a whale wallet or institutional investor has unstaking its previously staked Solana (SOL) coins and withdrawn $19.5 million worth of these coins from the staking platform.
The wallet then moved 139,447 SOL worth $19.5 million to Binance, incurring a total loss of $5.5 million.
The crypto whale purchased these tokens on Binance in July when the Solana price was at $180 and paid $25 million.
At the time of writing, SOL is trading at $131 and has lost about 19% of its value in the last month. It has dropped to $112 at its lowest level.
However, there are also positive developments in the Solana ecosystem. According to the data, PumpFun, a memecoin production platform on Solana, reached a total revenue of $91 million. The organization made $40 million in sales from this revenue, which it obtained as 680,000 SOL, at an average price of $158.
*This is not investment advice.
