Market Stirs as Solana Whale Transfers $120M to Coinbase Prime

• An anonymous Solana whale transferred $120 million worth of SOL to Coinbase Prime, sparking market reactions.
• Another whale withdrew $38.9 million in SOL, suggesting possible coordination with the first whale’s transactions.
• Solana’s price declined 9.82% in 24 hours, trading below key moving averages and indicating strong bearish momentum.

Anonymous Solana whales have recently made substantial moves, depositing a combined total of $120 million worth of SOL to Coinbase Prime.

These sizable transactions, detected by Solscan on July 16th and 17th, have sparked speculation and concern within the crypto community.

According to Solscan, since July 16, a SOL whale: 9dZAPP…dnzAz3 has withdrawn a total of 1.035 million SOL (worth about $120 million) from multiple validators including Cogent Crypto, Block Logic, and LunaNova, and transferred all of them to Coinbase Prime. The identity of the…

— Wu Blockchain (@WuBlockchain) August 5, 2024

The first whale, identified by the address 9dZAPP…dnzAz3, withdrew 1.035 million SOL from various validators, including Cogent Crypto, Block Logic, and LunaNova, and deposited them into Coinbase Prime.

A secon…

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