A Solana whale has accumulated over 1 million tokens, resulting in a profit of $153 million after a four-year staking play on the crypto asset. Lookonchain, a blockchain analytics firm, identified the wallet address of this whale, who staked nearly 1 million Solana (SOL) tokens in 2021 when each token was valued at around $27. Subsequently, with Solana’s value appreciating to about $140, the whale’s holdings surged to approximately $180 million. The whale began offloading a portion of the token stash on April 22, unstaking 100,000 SOL tokens (equivalent to about $14 million) and transferring them to Binance, indicating a possible intent to sell. Despite the substantial profits already realized, the whale still retains 1.19 million Solana worth approximately $166 million, resulting in an unrealized profit of about $153 million from the initial $27 million investment. In another instance, four wallets that staked $37 million in Solana tokens in 2021 had their tokens unlocked, leading to over $206 million in token value, with approximately $50 million worth of tokens being sold post unlock. Solana briefly surpassed Ethereum in staking market cap on April 20, reaching a value exceeding $53 billion, although Ethereum quickly regained its top position. The community remains divided on the implications of Solana overtaking Ethereum in the staking market cap.
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