A Solana handle with over 1 million tokens is sitting on greater than $153 million in revenue after a four-year staking play on the crypto asset.
Blockchain analytics agency Lookonchain flagged the pockets handle of a whale that staked practically 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens have been price round $27, which suggests the dealer spent about $27 million to execute the play.
Four years later, the whale’s whole staked Solana holdings have reached 1.29 million. With Solana appreciating to about $140, the whale’s holdings have elevated in worth to about $180 million.
On April 22, the whale began offloading a portion of the token stash to money out on the features. Lookonchain reported that the whale had unstaked 100,000 SOL tokens (about $14 million) and despatched them to Binance. Sending tokens to crypto exchanges usually signifies an intent to promote.
Lookonchain stated the whale nonetheless has 1.19 million Solana, price round $166 million. Since the dealer spent $27 million on the play, the full unrealized revenue for the handle is about $153 million.
Solana whales flip $37 million to $200 million in four-year play
The Solana whale’s unstaking and token offloading observe another Solana staking play that concerned a whole lot of thousands and thousands earlier in April.
On April 4, Arkham Intelligence information confirmed 4 wallets that staked $37 million in tokens in 2021 had their tokens unlocked, which means they will unstake and promote them. The blockchain intelligence platform known as the occasion “the largest single-day unlock of staked SOL.”
During the unlock, the tokens have been price over $206 million. After the tokens have been unlocked, about $50 million in tokens have been offered.
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 performs, the community briefly flipped Ethereum within the staking market cap. On April 20, the blockchain overtook Ethereum in staked token worth after reaching over $53 billion. Still, the occasion was short-lived as Ethereum recovered the highest spot.
While the occasion could seem bullish, neighborhood members have been cut up on whether or not Solana overtaking Ethereum was bullish or bearish for the network.
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