Solana Whale Continues to Sell with $2M: Negative Sentiment Goes up to $84M. 8M Sale

This particular Solana whale has been selling the tokens from the very beginning of the year, and this time he traded almost $2. 8 million of SOL to several exchanges, bringing the year-to-date total to $84 million.

On August 13, blockchain analytics firm Lookonchain found a Solana wallet that has been selling SOL tokens on a weekly basis since the start of the year, that is, from January 15. The whale has transferred a total of $ 594,000 SOL tokens to trading platforms like Coinbase, Binance, just to mention but a few this year.

The total value of dumped tokens is approximately $84 million; SOL is currently trading at $144. 30. The last sale was a of 20,000 SOL tokens, which is equivalent to roughly $2. 8 million.

Whale Returns with $154 Million in Ethereum to Sell

For over a month, yet another large holder connected to the SOL and Ethereum ICOs has been selling tokens. As pointed out by Lookonchain on August 12th, this Ethereum whale had transferred $13. Contributed 2 million worth of ETH to OKX. Beginning on this date July 8, this wallet has been continuously selling ETH tokens where the deposited amount has reached up to $154 million; the tokens were sold at an average price of $3,176. The wallet hence initially snapped up 1 million ETH during the Ethereum ICO.

Perhaps, while one whale is selling, there has been another whale buying them. On the same day, an Ethereum wallet bought 5,000 ETH, which amounts to something like $12. token balance added 8 million tokens to their asset base.

Soon we’ll test Dollar-Cost Averaging in Crypto Investing

Still, instead of making one elephantine transaction, both whales seem to be employing the dollar-cost averaging (DCA) strategy. This is a common investment strategy where rather than executing a single large transaction an investor will make several transactions at set intervals. The DCA strategy enjoys wide popularity in investing in cryptos because it eradicates the effects of emotions on investments and keeps the investor’s attention on the results. It is employed in buying bitcoins but is equally competent in cashing out tokens to get profits as well.

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