According to the data, a large cryptocurrency whale made a hefty purchase of the Solana (SOL) altcoin on Binance.
The whale, which bought 80,000 SOL tokens for approximately $ 1.6 million, caused the price of Solana to rise by approximately 2.5% in a matter of seconds.
The identity of the Binance whale in question is not yet known.
However, it was noteworthy that this transaction, which would not be considered an excessively large purchase under normal conditions, could provide such a rise in the price of an altcoin with a high market value such as SOL.
Solana was launched in 2020 by Solana Labs, which was founded in 2018 by Anatoly Yakovenko and Raj Gokal.
Solana's market value has fluctuated greatly since its inception. It peaked at $74 billion in early November 2021, but had dropped to $3 billion by the end of 2022 after the collapse of FTX and mounting evidence of Sam Bankman-Fried's fraud.
The price of SOL, which fell below $ 8 at that time, is trading at $ 21.66 at the time of this writing.
*Not investment advice.
