- Whale sold 32,195 SOL for $4.18M after 10 months.
- $2.04M loss realized amid market volatility.
- Previous trading netted an $8.15M profit in 2023.
Cryptocurrency whale address GJwCUj sold 32,195 SOL for $4.18 million, after holding for 10 months, realizing a $2.04 million loss.
The transaction impacts market sentiment, creating liquidity concerns and highlighting the volatility associated with significant asset sell-offs in the Solana ecosystem.
Solana Whale Sells Stake
Market Impact and Regulatory Concerns
A Solana whale, identified as GJwCUj, recently sold 32,195 SOL for $4.18M. The whale initially purchased and staked these coins 10 months prior, resulting in a realized $2.04M loss. Prior trading had yielded significant profits.
The whale, GJwCUj, had previously invested $35.7M in 400K SOL with a substantial profit of $8.15M in 2023. The address operates anonymously, with transactions tracked via Arkham Intelligence and Lookonchain.
The sale exerted pressure on Solana’s market, impacting liquidity and sentiment. While other whales were inactive, this action did not significantly change network withdrawals, despite increasing short-term sell pressure due to the augmented spot circulation.
Although regulatory bodies have not released statements, the market witnesses increased volatility. Concern arises over Solana’s support levels, which could propel further price declines if not maintained at $130 or $110. A quote from Lookonchain:
“Solana whale address GJwCUj dumped $32,195 SOL for $4.18M, booking a $2.04M loss after staking for 10 months.”Lookonchain Tweet
Observations from data analytics indicate potential market volatility, correlating with past whale activities. As $SOL continues facing sell-offs, attention will be directed toward stakeholder responses and market stability.
Historical trends point towards heightened volatility following whale actions. These events often trigger short squeezes or escalated sell-offs, influencing broader market behavior, notably in associated Layer 1 networks like ETH and BTC.
