Solana whales are still accumulating $SOL

Solana (SOL), the fourth biggest cryptocurrency by market cap, took a halt after rallying to an all-time high (ATH) of $263. However, it seems like the crypto whales are not holding back. Data from Lookonchain shows that a whale scooped $60 million worth of SOL over the past month.

The SOL price took a hit of around 8% in the last seven days, dealing with a mild correction after a massive rally that saw the asset breakthrough 2021’s all-time high price. The cumulative Solana ecosystem market cap surged past $342 billion as Pump.fun and newly SOL-based meme coins gained prominence.

Whale scoops 250K Solana worth about $60 million in the last month

Solana’s recent price action has attracted whales that have begun accumulating SOL. As per the data shared by Lookonchain, 2 wallets believed to belong to a single holder have accumulated more than 250K Solana coins (approx worth $60 million) from Kraken in the last month. 

Solana’s price has risen by a whopping 34% in the past 30 days despite the recent drop. According to data from crypto data aggregator CoinMarketCap, SOL is trading at an average price of $241.31 at press time. Its 24-hour trading volume has dipped by 32% and currently sits at $3.76 billion. The token went on to hit the ATH of $263.83 on November 23, asserting its position above BNB and inching closer towards Tether.

Pump.fun, on the other hand, is on a depositing spree, data shows that the linked wallet again dumped 65,000 SOL (approximately worth $15.23 million) to the crypto exchange Kraken yesterday. So far, Pumpfun has deposited 798,869 Sol worth about 154 million to Kraken crypto exchange and sold 264,373 SOL for 21.64 million USDC.

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