Last week we saw big price swings in the cryptocurrency market, especially after news broke about Israel attacking Iran.
During this period, affluent investors have been quietly accumulating significant amounts of Solana (SOL), as tracked on-chain.
According to data from Lookonchain three investors have been on a buying spree and withdrawing their tokens to personal wallets and staking them for passive income. This strategy reflects a commitment to holding these assets over the medium to long term, in contrast to the previous trend of engaging in high-risk, short-term speculation, particularly with memecoins.
One of the standout addresses, pulled out 153,511 SOL from Binance in the last six days, valued at around $26.4 million. Most of this amount was staked using Marinade Finance, leading to the acquisition of MSOL tokens.
Another address increased its holdings by adding 13,000 SOL to a previous stash of 95,651 SOL, bringing the total to approximately $16.83 million.
The last address bought 35,498 SOL worth about $6.12 million from Binance and Kraken within a three-day window. This investor also chose to stake through the Jito Network, obtaining JITOSOL tokens.
Ethereum’s blockchain underwent a significant shift on September 15, 2022, moving from a proof-of-work (PoW) security model to proof-of-stake (PoS).
Changpeng Zhao, the founder of Binance, recently sparked a wave of speculation in the crypto community after hinting at the possibility of burning all the altcoins in his public wallet.
Nasdaq has filed a request with the U.S. Securities and Exchange Commission (SEC) to obtain approval for the listing of Grayscale Investments’ Avalanche exchange-traded fund (ETF).
Crypto analyst and trader Ali Martinez has expressed a bearish outlook on Solana (SOL), which is currently trading about 53% below its peak value from January.