After 4 years of staking, a Solana Whale made a profit of over 153 million dollars, continuing to keep 1.19 million SOL in staking. This is according to Lookonchain, which reported the transaction of 100,000 SOL (equivalent to 13.9 million dollars) from the whale’s address on Binance.
Solana and staking: the whale with profits of 153 million dollars after 4 years
The blockchain analysis company Lookonchain revealed the case of the Solana whale and its profits of 153 million dollars after 4 years of staking.
“After 4 years of staking, this whale unstaked 100K $SOL(13.9M$) 2 hours ago and deposited them on #Binance. At the time, they had staked 991,079 $SOL at about 27 dollars. They still have 1.19 million $SOL (166.37 million dollars) in staking, with total profits of over 153 million dollars.”
In practice, it seems that the address of the crypto-wallet of the whale appears to have staked in 2021, the sum of almost 1 million SOL, (991,079 SOL). At that time, SOL was worth 27 dollars, and therefore the whale would have invested almost 27 million dollars in staking.
After four years, staking has brought the whale’s crypto-wallet to a total of 1.29 million SOL. With the price of SOL rising to $140, the whale’s address now totals approximately 180 million dollars. Subtracting the initial 27 million dollars invested from this figure, the whale now has unrealized profits of 153 million dollars.
Lookonchain reported that yesterday, April 22, this whale would have started to offload part of its profits, moving 100,000 SOL (about 14 million dollars) from its address to the one on Binance.
The transaction to a crypto-exchange often means that the whale intends to sell and withdraw its profits.
Solana surpasses Ethereum in staking and DeFi
Recently, there has been talk about how Solana is performing better than Ethereum in the world of staking and DeFi, even if only for short periods.
Specifically, on April 20, the staking market cap of Solana had surpassed that of Ethereum, after reaching over 53 billion dollars. This was also pointed out on X by the CEO of Nansen, Alex Svanevik:
“SOL has just surpassed ETH in “Staking market cap.” According to @StakingRewards: Staking market cap = total value of tokens staked across the entire network. Calculated by multiplying the staked tokens by the current price.”
A short-lived event, given that Ethereum quickly regained its first place, but still a movement that highlights Solana in the world of staking.
Not only that, even in the DeFi sector, Solana seems to dominate the DEX market, having surpassed Ethereum’s volumes for three consecutive days, with 2.43 million dollars in daily transactions.
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The price of SOL
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SOL is riding the general bullish trend of the crypto market, which, at the time of writing, sees the top 10 cryptos by market capitalization all in green.
At the moment, in fact, SOL is worth $151.60 and is in a price pump of +9.12% compared to 24 hours ago and +20% compared to a week ago.
Not only that, it seems that in the last 24 hours, the trading volumes of SOL have increased by +31%.
Will the current bull run bring the price of SOL back to its ATH – All-Time High of over $260 reached last January?
