Cryptocurrency News

Massive $1.2B SOL transfer sparks speculation amid price surge

Over the weekend, though Solana (SOL) tokens increased by 20%, there was an extremely curious shifting of the $1.2 billion equivalent of SOL between 2 unknown wallets. This included SOL valued at more than 11 million, making the rumor mills work overtime. 

As per Whale Alert, SOL tokens were initially shifted from address DnDz to 4njYP. Following that, a further shift occurred, this time to address 4fAG. The ultimate destination was a fresh address sans any transaction history. There is still no information whatsoever about the identity of the entities behind this, nor regarding the selection of a Sunday to carry out the act.

This puzzling shift took place in a situation where the value of Solana is witnessing an upward trend. SOL has jumped by almost 20%, its trade value standing at $171. Prior to this, SOL prices seemed to have been receding, not managing to reach the $200 level.

Market analysts and observers are weighing the timing of the shifting. There are speculations that it may just be the game plan of the big-time players to fortify themselves against certain turbulence expected in the forthcoming days regarding the overall pricing of Solana.

Another theory being circulated is that it could be a way for the biggies to try and push the value of SOL above the $200 mark. It is seemingly a wait and watch period for all concerned and somehow connected with Solana (SOL) tokens and its pricing in the immediate future.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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