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📊 UPDATE: Wintermute withdraws $38M in $SOL from Binance ahead of Solana’s $2B token unlock.

An upcoming Solana token unlock event has triggered a reaction from SOL whales, who are taking positions to protect themselves from potential losses. According to reports , several big Solana holders are placing bets on SOL put options in the options market, acting as insurance against a potential Solana price slump. Crypto options exchange Deribit reportedly saw a significant $32.39 million in SOL block trades last week. That’s nearly 25% of their entire options volume! Market watchers say these large block trades are a tell-tale sign of whale activity in the options market. It means these major players are trading SOL options to either protect themselves or profit from a possible downturn in Solana’s price. Meanwhile, data from Amberdata, a platform providing blockchain network insights, shows that whales funneled almost 80% of their SOL block trades into Put Options. To put this in perspective, Put Options only accounted for 40% of BTC trades and 37.5% of ETH trades during the same period. Related: As Solana and XRP Face Further Uncertainty, Remittix Is Building Momentum In The $190T Payments Market Solana slated its next token unlock for March 1, and analysts expect the event to impact SOL’s price. One such analyst, Lin Chen, Deribit’s Head of Business Development for Asia, expects the Solana token unlock to trigger significant selling pressure for SOL. Here’s the breakdown: Solana plans to release 11.2 million SOL tokens into the market. That’s 2.29% of the total SOL supply, and get this, it’s roughly 59% of SOL’s daily spot trading volume. Chen thinks this anticipated flood of tokens hitting the market is what has prompted whales to snap up SOL Put Options, as a way to hedge against further price drops. As all this unfolds, SOL’s price has already started to slide, dropping 7% in early Monday trading. Related: Solana Dip: Binance Buys, But Should You? (Price Analysis) The cryptocurrency broke below notable resistance at $169.22 and traded for $158.47 at the time of writing. SOL could drop further unless the bulls intervene and the support at $155.01 holds. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

After months of excitement, the frenzy around the launch of tokens on Solana is slowing down significantly. Pump.fun, the leading memecoin launch platform, is experiencing a marked decline in its activity and revenues. Between growing distrust and market exhaustion, the enthusiasm for these ultra-speculative tokens seems to be fading. According to recent data, the number of new tokens launched daily on Solana dropped to 49,779 on February 19, down from a record of 95,578 on January 26. This level is the lowest recorded since January 1, 2025. Even worse, the Pump.fun platform saw its activity fall to 35,152 new tokens, marking its weakest day since Christmas 2024. This decline in activity is of course accompanied by a collapse in revenues. According to Dune Analytics, Pump.fun generated only $1.69 million on February 19, its lowest level since November 2024. While memecoins have significantly contributed to the surge of token launches on Solana in recent months, they are now under fire. Many of them are criticized for their highly speculative nature and links to scams. Investors are becoming more cautious in the face of the risks of Rug Pulls and market manipulation, common practices in the memecoin universe. Moreover, recent scandals have heightened distrust surrounding memecoins. The fiasco of the Libra token, which ruined over 13,000 investors , illustrates the risks of these ultra-speculative projects. Similarly, the launch of a memecoin by the Central African Republic raised questions about the legitimacy of some initiatives. These events have amplified the sense of fear, pushing many investors away from this volatile market. Despite this slowdown, Solana remains one of the most dynamic networks in the crypto ecosystem. However, this decline in enthusiasm for token launches may signal a consolidation phase following a period of exuberance. It remains to be seen whether Pump.fun and other similar platforms will be able to regain ground or if the memecoin industry is experiencing a lasting slowdown .

Solid Intel corrects report: Wintermute withdrew, not sold, large amounts of $SOL from Binance Solid Intel updated its earlier report on X, clarifying that market maker Wintermute withdrew a large amount of Solana (SOL) from Binance Exchange, rather than selling it. The withdrawals could indicate liquidity removal or SOL purchases from the order books.