Key Takeaways:
- Solana whale sells $84M in tokens using a steady dollar-cost averaging strategy since January 2024.
- Ethereum whale deposits $154M in ETH to OKX, while another buys $12.8M on the same day.
- Large-scale crypto transactions highlight differing strategies among major Solana and Ethereum holders.
YEREVAN (CoinChapter.com) — A Solana (SOL) whale has been steadily selling off tokens throughout 2024, with the latest sale amounting to $2.8 million. This ongoing series of transactions has now brought the total value of tokens sold by this whale to $84 million.
Solana Whale’s Steady $84M Sell-Off Draws Attention
On August 13, blockchain analysis firm Lookonchain reported that a Solana whale has been selling off tokens regularly since January 15, 2024.
The whale has transferred about 594,000 SOL tokens to major exchanges like Coinbase, Binance, and OKX. The most recent transaction involved 20,000 SOL tokens, valued at $2.8 million.
These weekly sales have attracted attention due to the large volume of tokens involved. The whale’s actions have prompted discussions within the crypto community, with many noting the steady pace of these transactions.
Dollar-Cost Averaging Strategy in Solana Sales
The Solana whale has been using a dollar-cost averaging (DCA) strategy to sell the tokens. This method involves selling tokens in smaller, regular increments rather than all at once. By spreading out the sales, the whale avoids making a single, large transaction.
The DCA strategy is commonly used in investing, including in the crypto market. It helps reduce the impact of market volatility by making regular transactions. The whale’s regular sales since January suggest a calculated approach.
Ethereum Whales Show Contrasting Moves: $154M Sold, $12.8M Bought
Another notable transaction comes from an Ethereum (ETH) whale linked to the Ethereum initial coin offering (ICO). Since July 8, 2024, this whale has been selling ETH, depositing $13.2 million worth of the cryptocurrency into OKX on August 12. The total value of the deposits now stands at $154 million.
In contrast, another Ethereum wallet purchased 5,000 ETH on the same day, adding $12.8 million to its holdings. Primarily, these transactions highlight the different strategies used by large crypto holders.
