"Sell-off"? Whale who made $17M moves $32M in SOL to Binance

A whale moved $32.8 million in SOL to Binance on Thursday, potentially signaling that the Solana dotcom bubble is about to burst. This “smart money” whale has already made $17 million, using over 70% of his SOL holdings for possible withdrawals.

The whale purchased 423,754 SOL on Binance last month at an average price of $66.5 and sent them to his self-hosted wallet. Since then, the price of SOL has increased by 40%, reaching $120 at some point in December before going sideways.

This SOL whale still has 119,998 SOL mortgaged, which is worth $12.44 million at the current market price. The whale also made $453,000 in a similar manner from selling SOL on November 8.

"Sell-off"?

The Solana network has been growing like crazy since October, up nearly 600% from September's closing price. Projects on the Solana network also received a huge boost, with tokens like ANALOS, SILLY, and BONK turning early buyers into millionaires.

SOL also surpassed Ripple’s XRP in market capitalization and briefly surpassed Binance Chain (BNB) to occupy the position of the fourth-largest crypto asset on the market before BNB recovered. This “Ethereum killer” saw a surge in transaction volume and, on December 22, surpassed Ethereum and all other L2 projects combined in terms of DEX transaction volume.

However, SOL has fallen sharply over the past three days, down almost 20%. With whales also moving SOL to exchanges, market capitalization decreasing, and narratives trending on X (formerly Twitter) about the bubble bursting, the coin could fall further.

What’s next for Ethereum?

Ethereum benefited significantly from this rotation due to the decline in transaction volume on the Solana network. Ethereum regained the top spot on the DEX trading volume list, with a trading volume of $1.635 billion in the past 24 hours.

At press time, Ethereum prices have also seen a 4% increase, trading at over $2,380, having previously reached $2,440. The bullish sentiment surrounding the Ethereum network could send the coin higher soon. Lookonchain reported today that a “smart money” Ethereum buyer with a 100% winning rate has begun accumulating the token, having purchased 9,000 ETH to date.

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