Several huge crypto wallets have simultaneously sent millions of dollars worth of Solana (SOL) to Coinbase in a flurry of transactions.
The series of whale transfers was initially detected by blockchain tracker and analytics tool Whale Alert.
Whale Alert witnessed the first massive SOL transfer involving a wallet of unknown origin relocating 599,999 SOL worth $12.54 million to the top US-based exchange.
? 599,999 #SOL (12,546,669 USD) transferred from unknown wallet to #Coinbasehttps://t.co/zxJLHwh4VG
— Whale Alert (@whale_alert) March 6, 2023
Within moments, a separate wallet sent another batch of 599,999 SOL worth $12.54 million to the same crypto exchange.
Seconds later, a third unknown wallet shifted 554,431 SOL worth $11.59 million to Coinbase.
A fourth wallet then sent 599,999 SOL worth $12.54 million to Coinbase, followed by a fifth and final wallet sending 599,999 SOL worth $12.54 million to the same crypto exchange.
All of the large SOL transactions happened in less than two minutes with relatively similar amounts, which indicates a single entity could be behind the transfers.
Since the crypto assets were all sent to a crypto exchange, they could potentially be sold on the open market.
It cost virtually nothing in fees to process all five transactions amounting to 2,954,427 SOL worth nearly $70 million.
At time of writing, SOL is trading for $20.83, a fractional increase in the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/WWWoronin/WhiteBarbie
