According to onchain data provided by LookOnChain, an altcoin whale is selling heavily, unable to withstand the losses incurred during the declines.
Onchain data revealed that over the past three days, a crypto whale sold 274,188 Solanas (SOL), or $29.64 million, at an average price of $108.
This huge crypto whale bought his SOL coins from the cryptocurrency exchange OKX 7 months ago when the price was $148. With these sales, the whale’s total loss came to approximately $11 million.
At the time of writing, Solana is trading at $121.
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Currently, the crypto whale in question has $22 million in assets in his portfolio, all of which consists of the USDC stablecoin.
The crypto whale had around $85 million in assets in his wallet last November, all of which was staked Solana. At the time, the SOL price had climbed above $250.
It is not known whether the whale belongs to an institutional investor or an individual cryptocurrency investor.
*This is not investment advice.