Fresh Whale Bought an Insane Amount of This Altcoin, Put It in His Cold Wallet

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.

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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.

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