Large $19 Million Solana (SOL) Switch Sparks Dumping Fears

• Earlier right this moment, a whale transferred SOL tokens value over $19 million from an unknown pockets to Coinbase.
• At press time, SOL was value $56.46 after its worth dropped by over 3% prior to now 24 hours.
• On-chain information revealed that in November, Solana’s USDC transaction quantity and TVL noticed enormous will increase.

Dumping fears are spiking throughout the cryptocurrency neighborhood after a whale moved an enormous quantity of Solana (SOL) tokens to an alternate. The whale monitoring platform Whale Alert posted on X this morning that 336,999 SOL was transferred from an unknown pockets to Coinbase. The transferred tokens have been value about $19,100,615.

Judging from a lot of the feedback on the submit, many individuals imagine that the whale is planning to dump his tokens quickly. This may be the case as SOL skilled the most important worth drop out of the highest 20 cryptocurrencies by market cap.

At press time, information from CoinMarketCap indicated that SOL skilled a 3.31% worth drop all through the previous day of buying and selling, which brought about its buying and selling worth to say no to $56.46. This meant that SOL was buying and selling very near its 24-hour low worth of $56.16.

The Ethereum-killer’s intraday quantity ended up climbing by over 28% since yesterday, which introduced its whole quantity over the previous day as much as $1,002,263,579. The token’s market cap, nevertheless, dropped to $23,674,930,167, which ranked SOL because the seventh largest cryptocurrency by market capitalization.

Moreover, the dip in SOL’s worth brought about its weekly efficiency to fall within the purple zone at -5.56%. Alternatively, the altcoin’s worth was nonetheless up by about 74% in its month-to-month timeframe.

Regardless of its newest worth stumble, November has been a record-breaking month for SOL. The CEO and founding father of Circle reported on X on Saturday that Solana’s month-to-month USDC quantity surpassed $70 billion. Which means that Solana’s Yr-To-Date USDC transaction quantity has reached about $850 billion.

Moreover, the DeFi intelligence tracker DeFiLlama reported on X yesterday that Solana was one of many prime 10 chains by weekly Whole Worth Locked (TVL) development. On the time of posting, DeFi Llama indicated that Solana’s TVL stood at $28,541,329.