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.
This massive transfer was flagged by Onchain Lens, a blockchain tracking firm, which noted the creation of a new cryptocurrency address for the withdrawal.
After the withdrawal, the whale staked all the SOL coins, indicating a long-term commitment to the Solana network. Based on current staking reward rates, if the SOL price remains steady, 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, the estimated rewards could rise to $23 million by the end of the year, assuming no significant changes in the SOL price.
The large-scale withdrawal and staking have raised eyebrows in the crypto community, leading to speculation about potential impacts on Solana’s market performance. With such a substantial amount of SOL staked, the whale’s actions may contribute to reduced circulating supply, which could drive future market activity.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/crypto-whale-withdraws-223-million-in-solana-stakes-tokens-for-rewards/