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- A whale/institution sold 695K SOL worth $99.5M this year, with weekly sales of 19,306 SOL.
- Despite massive sales, the whale/institution still holds 1.88M SOL staked, valued at $255.89M.
Lookonchain data shows that a big whale or institution has been actively dumping their Solana (SOL) holdings this year, selling a stunning 695,000 SOL, which is equivalent to $99.5 million. Since January 1, this whale or institution has continuously sold an average of 19,306 SOL every week, totaling $2.76 million.
Despite these enormous transactions, the whale or institution still owns a sizable 1.88 million SOL, worth around $255.89 million, which is staked in the network.
A whale/institution sold 695K $SOL($99.5M) this year!
Since Jan 1, this whale/institution has been selling an average of 19,306 $SOL($2.76M) weekly, totaling nearly $100 million worth of $SOL!
The whale/institution still has 1.88M $SOL($255.89M) staked.https://t.co/v6mJegPKCa… pic.twitter.com/3XHhPQJbdq
— Lookonchain (@lookonchain) September 3, 2024
Solana Development Boosts Network Flexibility and Performance
Interestingly, this huge selling activity occurs at a time when Solana is making significant progress in its development. One of the most notable developments is the addition of token extensions, a feature that improves the flexibility and utility of creating and maintaining tokens on the Solana network.
These token extensions include functions such as confidential transfers, transfer hooks, and metadata pointers. Such features enable more complicated and flexible token operations without the use of third-party tools, making the Solana network more adaptable and robust.
In addition to token extensions, Jump Crypto’s Firedancer project, an independent validator client, is a major focus of Solana’s 2024 roadmap. Firedancer is specifically intended to improve the performance of the Solana network.
Benchmark tests have revealed that it can handle more than 1 million transactions per second (TPS) per core on ordinary commodity hardware. This project is a critical component of Solana’s overall aim to improve network resilience and scalability by broadening its validator client ecosystem.
Solana attempts to mitigate potential vulnerabilities while also ensuring that the network can accommodate an increasing number of transactions and users.
Furthermore, CNF has reported that large exchanges, Binance and Bitget, may be looking to develop staking solutions incorporating Solana. This assumption has piqued investors’ interest and excitement, as such products might possibly provide considerable benefits to SOL holders, such as higher yields and increased network engagement.
As of the time of writing, the price of SOL is about $134.03, up 1.76% over the last 24 hours. The daily trading volume for SOL is $1.62 billion, demonstrating high market activity and continuous interest in the token despite the ongoing sell-off by whales and institutions.
