💥 In a shocking turn of events, a whopping 87,328 Solana (SOL) tokens, worth approximately $14.8 million, have been withdrawn from the biggest crypto exchange, Binance. The transaction, which took place over two days, has left the exchange reeling as the owner decided to stake the SOL instead of selling it. 💰
🌊 Staked SOL signals supply squeeze potential
The newly created wallet that withdrew the massive amount of SOL has staked it, suggesting a long-term confidence in the asset. Analysts believe that this move could reduce Solana’s liquidity supply, creating a kind of scarcity that may impact prices if demand remains strong. 📈
As of now, the demand for SOL has not yet registered an uptick, with trading volume currently down by 10.96% to $5.08 billion. However, Solana is slightly up by 0.77% to trade at $171.07 in the last 24 hours, according to CoinMarketCap data. 📊
📈 ETF prospects add to Solana’s momentum
In addition to the recent whale transaction, other developments in the Solana space that could push a rebound for the coin is the recent acknowledgment of the Canary Capital filing for an exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The SEC also acknowledged the Solana ETF filing from Grayscale earlier this month. Some predictions as to which coin might get regulatory approval have favored a Solana ETF next. 🚀
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2025-02-19 18:19