SOL Price Down 6% As Millions of Tokens Are Moved to Coinbase

• Today, 4.13 million SOL tokens were transferred to Coinbase by an address suspected to be linked to FTX.
• Over the longer term, SOL’s price has been rather stable, despite huge amounts of tokens being sent to exchanges.
• SOL was trading at $59.89 after its price slipped by more than 6% since the day before.

Over the past few months, FTX has been transferring massive amounts of Solana (SOL) tokens to exchanges. On November 6, data from the on-chain analytics platform Lookonchain indicated that FTX had unstaked 3.96 million SOL. After that, 750K SOL, worth approximately $30 million, was transferred to Binance and Kraken.

On Saturday, Lookonchain also reported that FTX and Alameda transferred approximately $22 million worth of assets. Some of the tokens included in the transfer were IMX, GMT, ETH, UNI, SHIB, BAL, LOOKS, and WOO.

Although FTX has been moving around several different tokens, SOL once again came up on Lookonchain’s radar. According to an X post shared today by the analytics platform, an FTX-related address unstaked 1.5 million SOL tokens worth about $90 million.

After the tokens were unstaken, they were sent to an address identified as “3vxheE…5mgkom.” This same address, which is suspected to be an internal Coinbase address, deposited 4.13 million SOL to Coinbase a few hours earlier.

Despite these large-scale transfers by FTX, the price of SOL was able to remain relatively strong over the longer term. CoinMarketCap indicated that SOL recorded an 8.95% increase in its price over the past week. Additionally, the Ethereum-killer’s price was up by over 43% in its monthly time frame.

However, the price of SOL did stumble a bit in the past 24 hours. At press time, the altcoin was worth $59.89 after its price slipped by more than 6% since the day before. 

The decline in SOL’s price also caused its market cap to drop to $25,382,256,936, which meant that SOL ranked as the sixth largest token in terms of market capitalization. This placed it behind XRP in the fifth spot and in front of USDC, which was ranked seventh.