Solana whales have offloaded their tokens to cash in on gains from a staking play that began four years ago.
In April 2021, four whale addresses staked 1.79 million Solana (SOL) tokens, then worth about $37.7 million. The stake was unlocked on April 4, in what Arkham Intelligence called “the largest single-day unlock of staked SOL.” The firm noted that the next similar unlock is not expected until 2028.
At the time of the unlock, the tokens were valued at roughly $206 million, representing a 446% gain from the initial staking period.
Solana tokens scheduled to be unlocked on April 4. Source: Arkham
Solana whales sold nearly $50 million
After the tokens were unlocked, the whales started to dump their holdings. Arkham data shows that over 420,000 SOL tokens, worth about $50 million, had been unstaked by the four Solana wallets at the time of writing.
Following the unlock, blockchain analytics firm Lookonchain said the whales had started offloading their funds. One wallet add
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