Several huge crypto wallets have simultaneously sent millions of dollars worth of Solana (SOL) to Coinbase in a flurry of transactions.
The series of whale transfers was initially detected by blockchain tracker and analytics tool Whale Alert.
Whale Alert witnessed the first massive SOL transfer involving a wallet of unknown origin relocating 599,999 SOL worth $12.54 million to the top US-based exchange.
— Whale Alert (@whale_alert) March 6, 2023
Within moments, a separate wallet sent another batch of 599,999 SOL worth $12.54 million to the same crypto exchange.
Seconds later, a third unknown wallet shifted 554,431 SOL worth $11.59 million to Coinbase.
All of the large SOL transactions happened in less than two minutes with relatively similar amounts, which indicates a single entity could be behind the transfers.
Since the crypto assets were all sent to a crypto exchange, they could potentially be sold on the open market.
It cost virtually nothing in fees to process all five transactions amounting to 2,954,427 SOL worth nearly $70 million.
At time of writing, SOL is trading for $20.83, a fractional increase in the last 24 hours.
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