SOL Price Plunge Incoming? Alameda Redeems Millions in SOL

• Alameda Research-linked wallet has redeemed 177.7K SOL tokens.
• Alameda also transferred 143,800 WLD and 373 AAVE to Binance and Coinbase.
• SOL is up almost 3% in the past 24 hours.

Alameda Research, the bankrupt sister company of FTX, has transferred significant amounts of cryptocurrency to leading exchanges; Binance and Coinbase.

Blockchain analytics platform PeckShield highlighted these transactions, which involved multiple altcoins; most notable, the redemption of 177.7K SOL tokens, worth $24.11 million, suggesting a crash in the price of the digital asset if it sells the coins.

Additionally, another Alameda address transferred 143,800 WLD (over $200,000) to Binance and 373 AAVE (around $55,300) to Coinbase.

Price Action of SOL, AAVE, and WLD

Alameda’s movements could influence the prices of these altcoins.

Alameda transferring these cryptocurrencies might result in a bearish trend for these altcoins. As per the data from CoinMarketCap, SOL is up 2.20% in the past 24 hours and is trading at $135.96 at the time of publication. The altcoin is up 2.87% in the past week but is down 5.21% in the past 30 days. The market cap of SOL stands at $63.62 billion and the trading volume is $2.1 billion.

On the other hand, Worldcoin (WLD) is down 1.44% in the past 24 hours and is trading at $1.41. While the trading volume of the altcoin rose 21.18% to $96 million, the market cap of the cryptocurrency stands at $609 million, ranking it among the top 10 digital assets by market capitalization. 

Read also: Worldcoin’s Price Drops as Alameda Moves Tokens to Binance

Finally, Aave (AAVE) is up 0.47%, trading at $150.90 with a market cap of $2.24 billion. The trading volume of the altcoin stands at $395 million and the price of the altcoin is down 77.37% from its all-time high of $666.86.