Solana Sees Record-Breaking $224 Billion In Transfers As Whale Activity Intensifies

Solana recently experienced an unprecedented spike in on-chain transfer volume, with an astounding $224 billion worth of transactions occurring within a single day—nearly triple SOL’s total market cap of $76 billion.

This surge in activity appears to be largely due to an active wallet, possibly an arbitrage bot, utilizing multiple accounts. Since ramping up its transactions in early October, this wallet’s activity has likely contributed to the recent rise in transaction fees on the Solana network.

#Solana recently saw a massive spike in on-chain transfer volume, peaking at around $224 billion in a single day – nearly 3x the entire market cap of $SOL ($76B) moving within 24 hours! View the live chart on Glassnode: https://t.co/ue6UyyzjPp pic.twitter.com/GGeqLqJMyZ

— glassnode (@glassnode) November 4, 2024

The platform has demonstrated substantial growth since Breakpoint in October, showing impressive metrics that highlight its expanding economic impact:

– Real Economic Value: $152 million, marking a 266% increase

– Network GDP: $300 million, up 256%

– DEX Volume: $85 billion, rising 145%  

Meanwhile, a prominent Solana whale, who has made around $87 million in profits, has been steadily selling off holdings.

Within the past two hours alone, this whale offloaded 92,000 SOL, valued at approximately $14.58 million. Since November 1, the whale has sold a total of 357,070 SOL, amounting to $58.54 million.

As of now, this whale holds 52,089 JitoSOL, worth roughly $9.46 million, and 126,548 SOL, valued at $20.05 million. The sales by this major holder, combined with the recent surge in on-chain activity, reflect the growing demand and dynamic shifts in the Solana ecosystem.

This heightened activity indicates a period of increased interest and liquidity within Solana, positioning it as one of the more resilient networks in the current crypto landscape.

The smart whale with a profit of ~$87M sold another 92,000 $SOL($14.58M) in the past 2 hours.

The whale has sold 357,070 $SOL($58.54M) since Nov 1, currently holding 52,089 $JitoSOL($9.46M) and 126,548 $SOL($20.05M).https://t.co/gUPNO1hS6k pic.twitter.com/LfDeC0pwIi

— Lookonchain (@lookonchain) November 5, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: alexandarilich/123RF // Image Effects by Colorcinch

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