Solana (SOL), the fourth biggest cryptocurrency by market cap, took a halt after rallying to an all-time high (ATH) of $263. However, it seems like the crypto whales are not holding back. Data from Lookonchain shows that a whale scooped $60 million worth of SOL over the past month.
The SOL price took a hit of around 8% in the last seven days, dealing with a mild correction after a massive rally that saw the asset breakthrough 2021’s all-time high price. The cumulative Solana ecosystem market cap surged past $342 billion as Pump.fun and newly SOL-based meme coins gained prominence.
Whale scoops 250K Solana worth about $60 million in the last month
SOL’s recent price action has attracted whales that have begun accumulating SOL. As per the data shared by Lookonchain, 2 wallets believed to belong to a single holder have accumulated more than 250K Solana coins (approx worth $60 million) from Kraken in the last month.
Whales are accumulating $SOL!
2 wallets(likely belonging to the same person) have withdrawn 250,109 $SOL($60M) from #Kraken in the past month.https://t.co/0pPszppckmhttps://t.co/uiWofyuKCc pic.twitter.com/6UpBf7f99X
— Lookonchain (@lookonchain) November 29, 2024
Despite the recent drop, SOL’s price has risen by a whopping 34% in the past 30 days. According to data from crypto data aggregator CoinMarketCap, SOL is trading at an average price of $241.31 at press time. Its 24-hour trading volume has dipped by 32% and currently sits at $3.76 billion. The token went on to hit the ATH of $263.83 on November 23, asserting its position above BNB and inching closer towards Tether.
Pump.fun, on the other hand, is on a depositing spree; data shows that the linked wallet again dumped 65,000 SOL (approximately worth $15.23 million) to the crypto exchange Kraken yesterday. So far, Pumpfun has deposited 798,869 Sol worth about 154 million to the Kraken crypto exchange and sold 264,373 SOL for 21.64 million USDC.
Solana’s on chain activity intensifies amid an ongoing memecoin frenzy
Data from Glassnode also shows Solana’s onchain metrics have increased significantly in November. Solana’s active address count also hit a record high of nearly 24 million on November 19th.
Solana has registered increased on-chain activity in the last few months. The activity is mostly credited to Trump’s victory in the U.S. elections held on November 5th, as well as a resurgence in memecoins based on the Solana ecosystem.
According to data from Defillama, Solana’s revenue has declined to $3.7 million as of November 28th from $6.93 million recorded on November 22nd when SOL achieved its new ATH.
Solana’s stablecoin market cap also rose to an all-time high of $4.6 billion on November 22nd and has largely remained unchanged since then. Solana also recently clocked a new record in volume traded on decentralized exchanges.
On November 25th, SOL’s monthly trade volume on DEXs surpassed the $100 billion mark. The figure outperformed the $55 billion recorded on Ethereum, the largest smart contracting platform in DeFi. Solana’s recent rapid ascent is narrowing the gap with Tether. By reaching $276, SOL may overtake Tether to become the third-largest cryptocurrency by market cap.
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