Large Crypto Investors Are Buying This Altcoin at the Moment
Last week we saw big price swings in the cryptocurrency market, especially after news broke about Israel attacking Iran.
During this period, affluent investors have been quietly accumulating significant amounts of Solana ( SOL ), as tracked on-chain.
According to data from Lookonchain three investors have been on a buying spree and withdrawing their tokens to personal wallets and staking them for passive income. This strategy reflects a commitment to holding these assets over the medium to long term, in contrast to the previous trend of engaging in high-risk, short-term speculation, particularly with memecoins.
One of the standout addresses, pulled out 153,511 SOL from Binance in the last six days, valued at around $26.4 million. Most of this amount was staked using Marinade Finance, leading to the acquisition of MSOL tokens.
READ MORE:
Crypto Trader Faces Mindblowing $55 Million Loss From Recent TradesAnother address increased its holdings by adding 13,000 SOL to a previous stash of 95,651 SOL, bringing the total to approximately $16.83 million.
The last address bought 35,498 SOL worth about $6.12 million from Binance and Kraken within a three-day window. This investor also chose to stake through the Jito Network, obtaining JITOSOL tokens.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hedera Token Sees $2B Trading Spike Amid 5% Rally
ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google
Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.
SEC charges New York blockchain engineer over GME rug pull fraud
Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.