Solana Whales Abandon SOL After Largest Unlocking of Locked Supply in Years
Data from “Lookonchain” revealed that several whales have unstaked and sold large amounts of SOL today, April 4.
This wave of selling peaked with a transfer estimated at 258,646 coins worth $30 million.
The total value of the four largest transactions exceeded $3 million each.
These movements coincided with the explosion of the meme coin bubble on the Solana network, contributing to the currency's decline of more than 60% over two months.
Selling pressure increased with the unlocking of nearly $200 million worth of locked SOL coins, marking the largest unlocking of the coin's locked supply until 2028, according to “Arkham Intelligence.”
According to “CoinNess Global,” 425,266 coins worth $50 million have been unlocked, of which more than 284,000 coins were transferred to trading platforms like Binance, Coinbase, and Kraken, increasing the likelihood of selling.
These unlocking events, which release coins from locked supply due to vesting or liquidation, put pressure on the price due to the sudden increase in circulating supply.
This event is reminiscent of the release of coins last March, when 11.2 million coins were unlocked from FTX bankruptcy holdings.
With a current circulating supply of 514 million, the market is facing significant pressure amid declining network activity following the collapse of the meme coin wave.
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