The cryptocurrency market experienced unexpected volatility after the inauguration. Investors saw a quarter-billion dollars' worth of Solana (SOL) tokens stream into Coinbase.
Coinbase received four significant SOL deposits within hours. The largest deposit is 302,520 SOL ($72.51M) and total deposits surpassed $250M. Whale Alert detected these transactions from multiple locations. The timing and type of the transfers show a potential coordinated move. This activity has caused worry among market participants.
Many people see such large deposits as a signal of upcoming sell-offs. The crypto community is concerned that this will cause a wider market reaction. SOL's price has already dropped 2% since the trading day began.
Solana's ecosystem is home to various profitable apps and meme coins. Some believe major players may be cashing out at SOL's all-time high. The uncertain market condition adds to the uneasiness. While the potential sell-off has yet to materialize, the unexpected $250M Solana influx to Coinbase has undoubtedly alarmed crypto heads. The market is now waiting with bated breath for the next move.
