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.
Related News
Watch Out: We’re Entering a Critical Week – Lots of Economic Developments and Altcoin Events – Here’s a Day-by-Day, Hour-by-Hour List
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.
