🚨 Breaking News in the Crypto Space 🚨
Today, a significant wave of selling hit the Solana ($SOL) market as numerous whales decided to unstake and dump their holdings. According to blockchain analytics by Lookonchain, four high-profile transactions totaled over $3 million, with the largest one involving a staggering 258,646 $SOL valued at approximately $30 million.
This selloff has been fueled by the bursting of the recent meme coin bubble, causing $SOL to plummet by 60% within just over two months. The substantial pressure is exacerbated by a major token unlock event, as around $200 million worth of $SOL became available on April 4. This unlock represents the largest single-day availability of staked $SOL expected until 2028. Over 425,266 $SOL worth $50 million was unlocked, with a substantial portion moved to prominent exchanges like Binance, Kraken, and Coinbase.
This surge in unlocked tokens tends to add a bearish outlook, increasing the circulating supply significantly. Meanwhile, the price of $SOL has taken a hit. It dropped over 4% in value during the day alone, hitting an intraday low of $112 before a slight recovery. This trend highlights a more substantial decline than the overall crypto market, with $SOL losing over 16% in the past week.
As the Solana blockchain primarily supports memecoin minting and trading, the collapse of this bubble has impacted both network activity and revenue, pushing $SOL prices down to the lowest levels seen in over a year.
Stay alert, traders, and keep an eye on these developments in the ever-evolving world of crypto assets.
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⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.
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