Altcoin
Solana Whale Stakes $15M SOL Amid $4.5B SOL Meme Coin Panic
A Solana whale caused a market stir on Wednesday by heavily accumulating coins for staking purposes despite the ongoing meme coin panic on the network. On-chain data flagged that the whale withdrew 87K SOL, worth $14.8 million, for staking whilst the crypto’s price traded around the $169 level. In turn, traders and investors speculate whether the leading altcoin could regain a break above $200 after losing nearly 15% since last week amid a $4.5 billion SOL meme coin insider trading saga.
Solana Whale Stakes $15M SOL Sparking Speculations
According to an X post by Lookonchain as of February 19, a Solana whale ‘Guf5kl’ withdrew a staggering 87,328 SOL ($14.8 million) over the past few days from Binance to stake it. This decision by the large-scale investor underscored strong confidence in the network, sparking contrary speculations amid rising meme coin scandals on the network.
Notably, Solana recently encountered severe scrutiny despite offering a highly efficient and scalable environment for token launches, particularly in the case of meme tokens. The launch of the Argentinian president-backed meme coin LIBRA soon fell from grace alike other Solana meme coins including TRUMP and MELANIA. This has triggered severe concerns among market participants despite the massive staking.
$4.5B Insider Trading Saga
As per a CoinGape report, LIBRA token’s $4.5 billion insider trader chronicle has sent shockwaves across the Layer 1 network. Argentinian President Javier Milei endorsed the coin last week, which propelled the coin’s market cap to hit a $4.5 billion evaluation. However, this saga soon proved to be the catalyst for insider trading, as nearly 82% of the meme coin was owned by only a few investors.
Further, the token’s team also drained the liquidity pool, whereas $107 million was cashed out by a sniper, pulling the meme coin down to a massive crash. Intriguingly, speculations of links between MELANIA and LIBRA meme coin crashes also prevailed, CoinGape reported. Overall, the rising meme coin scandals on the Solana network, incurring user losses, echoed concerns for SOL price amid rising concerns.
SOL Price Reacts
At the time of reporting, SOL price showcased a sideways trading session in the past 24 hours and exchanged hands at $171.16. The coin’s intraday bottom and high were $161.31 and $171.34, respectively. Traders and investors remain cautious over future price movements despite the Solana whale’s colossal staking due to broader trends and recent network-related developments.
Notably, SOL lost nearly 15% since February 15 to date, extending losses since a day after the new meme coin’s launch on the network. Further, SOL’s waning action is also attributable to plunging network activity, per another CoinGape report. In turn, the current scenario for the layer 1 crypto remains highly uncertain, with macro heat further urging investors to be cautious.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
After registering a trust in Delaware in preparation for a potential Solana (SOL) exchange-traded fund (ETF) in the United States last week, Franklin Templeton has formally filed an S-1 registration statement with the Securities and Exchange Commission (SEC).
This move comes as part of the company’s effort to launch a spot Solana ETF, following the growing interest in digital assets and cryptocurrencies within institutional investment circles.
Franklin Templeton Files S-1 To Launch Spot Solana ETF
Franklin Templeton, a major global asset management firm with over $1.46 trillion in assets under management, has entered the competition to launch a spot Solana ETF.
The company’s S-1 filing with the US SEC is a significant development, as it positions itself alongside other notable firms seeking to capitalize on the growing interest in Solana. The firm has created a specific trust in Delaware, named the Franklin Solana Trust, to facilitate the launch of the ETF.
The submission of the S-1 filing signals Franklin Templeton’s commitment to bringing the Solana ETF to market. This filing comes after the SEC has acknowledged similar filings from other firms, such as Canary Capital, Grayscale, and Bitwise.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Sui token is currently making significant rebound, outperforming top cryptocurrencies including Bitcoin, Ethereum, and XRP. While these assets are exhibiting modest gains in line with the broader market trend, the Sui price is making impressive strides, surging over 7% in a single day. This significant uptick has sparked optimism, with market analysts and experts remaining bullish on the altcoin’s potential to reach new all-time highs.
Sui Price Breaks Past Crucial Resistance, Eyes $8
Notably, Sui’s current bullish trend significantly influences traders and analysts. While traders demonstrate this optimistic view via increasing market activity, analysts express their positive predictions. For instance, market expert CryptoBullet forecasted the Sui price’s surge to a new all time-high of $8.9 in an X post.
In a one-day chart, CryptoBullet highlighted SUI’s prevailing consolidation below 0.618 Fibonacci level. Significantly, SUI has touched twice the same price level within months. Driven by past trends, CryptoBullet remains confident that the Sui price could hit new ATH breaking past this consolidation.
Increasing Daily Active Addresses: How It Impacts Token Price?
According to investor Momin, SUI looks primed for higher highs triggered by increasing daily active addresses. Reportedly, the daily active wallets hit a record high of 1.2 million, paving the way for a massive breakout in the Sui price. Acknowledging the platform’s growth, the trader wrote, “Sui Network is undeniably one of the fastest-growing chains fundamentally!”
Another trader Giannis Andreou underscored the substantial surge in Sui’s daily active wallets. Currently marked at 1,253,935, the daily active addresses increased by a staggering 135.89% over the last seven days.
Meanwhile, Quinten Francois, a prominent crypto voice on X, wrote, “SUI active addresses are exploding.” The substantial surge in Sui’s price, coupled with a growing user base, has garnered significant attention, especially considering the token’s recent 36% downturn.
Sui Price Regains Positive Momentum: Will It Sustain?
At press time, Sui is trading at $3.55, marking a significant increase of 7.9% over the last seven days. However, over the last week and month, the token has seen massive declines of 4.3% and 24.3%, respectively.
Celebrating SUI’s current positive track, traders are actively engaging in market activity. The token’s 24-hour trading has seen a notable uptick of 15.44%, reaching $1.03 billion. Furthermore, SUI has achieved a milestone of over 8.5 billion total transactions, marking a notable 10.37% increase over the past 30 days. With a market cap of $10.67 billion, Sui has secured 12th spot on CoinMarketCap.
Although analysts see a massive surge ahead, it needs to be seen if SUI will sustain the current momentum and gain new highs.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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