Since January, a Solana whale who has been regularly selling tokens invested approximately $2.8 million in several exchanges, bringing the total number of tokens sold by the investor this year to $84 million. On August 13, blockchain data analysis platform Lookonchain identified a Solana wallet that has been selling tokens weekly since January 15. According to the data company, the whale transferred at least 594,000 SOL tokens to Coinbase, Binance, and OKX this year.
This Whale Created Excitement
The total value of the tokens is approximately $84 million, and the price of SOL is hovering at $144.30. The whale sold tokens at least once a week, and the latest sale was a transaction of 20,000 SOL tokens worth approximately $2.8 million.
Separate from the Solana owner, another whale associated with the Ethereum initial coin offering (ICO) has been selling tokens for over a month. On August 12, Lookonchain reported that the Ethereum whale deposited $13.2 million worth of Ethereum into OKX. The whale has been selling tokens since July 8, and the total number of tokens deposited into OKX is $154 million, with funds deposited at an average price of $3,176.
The wallet acquired 1 million Ethereum during the Ethereum ICO. Despite the recent sale, another whale took an opposing position with a similar amount. On the same day, an Ethereum wallet purchased 5,000 Ethereum, adding approximately $12.8 million to its portfolio.
Details on the Subject
Instead of selling their assets in bulk, the whales used what the investment world calls the dollar-cost averaging (DCA) strategy. The DCA strategy is a popular crypto investment method that involves periodically buying and selling crypto assets instead of making bulk transactions at once.
Given the difficulties of predicting the highest or lowest prices, experienced investors use the DCA method to invest in crypto. The investment strategy allows DCA investors to be less affected by emotions as they consider long-term prospects. Although the method is constantly advertised for buying crypto, it is also used when selling tokens to make a profit.
