With its most recent transaction, a prominent cryptocurrency whale on Binance has propelled the price of a significant altcoin to new heights
Based on the available data, a notable cryptocurrency whale executed a substantial acquisition of the Solana (SOL) altcoin on Binance.
The whale’s purchase of 80,000 SOL tokens, amounting to around $1.6 million, triggered a rapid surge in the price of Solana, increasing it by approximately 2.5% within seconds.
The identity of the Binance whale responsible for the significant transaction remains undisclosed at present.
It is worth noting that the transaction, although not considered unusually large under regular circumstances, had a notable impact on the price surge of an altcoin like SOL, which possesses a significant market value.
SOL, launched in 2020, originated from Solana Labs, a company established in 2018 by Anatoly Yakovenko and Raj Gokal.
Also Read This Related: Solana overtakes Polygon, securing the 9th position in market capitalization
Since its inception, Solana’s market value has experienced significant fluctuations. It reached its peak at $74 billion in early November 2021 but plummeted to $3 billion by the end of 2022 following the collapse of FTX and the emergence of mounting evidence implicating Sam Bankman-Fried in fraudulent activities.
During that period, the price of SOL dipped below $8; however, at the time of this writing, it is trading at $21.66.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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