According to cryptocurrency onchain data, a massive cryptocurrency whale withdrew a large amount of altcoins from the Kraken exchange today.
Onchain data spotted by blockchain tracking firm Onchain Lens has revealed that a newly created cryptocurrency address recently withdrew 1.77 million Solana (SOL) coins, or approximately $223 million worth of SOL, via Kraken.
The fresh whale then staked all of these coins.
Based on current staking reward rates, assuming the SOL price remains constant at current levels, if this whale stakes all of his coins for a year, he will earn approximately $17 million at the end of the year. This is valid for the native staking model.
If he uses liquid retaking models, this whale could earn a SOL reward worth $23 million at the end of a year with the same assumptions.
At the time of writing, Solana is trading at $125, approximately 36% lower than last year. In other words, despite these staking rewards, there is a possibility that the crypto whale will lose money in dollar terms after staking.
*This is not investment advice.
