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Whale Withdraws 94,100 SOL From Coinbase, Stakes Over $72M on Drift Protocol

A major Solana whale moved $8.75M in SOL from Coinbase, following a five-month trend of staking large amounts on the Drift Protocol.

SOL

Summary

A Solana (SOL) whale known as 'dogeftw_sol' withdrew 94,100 SOL valued at $8.75 million from Coinbase, according to on-chain data. Over the past five months, the whale has staked 360,500 SOL worth $72.24 million on the Drift Protocol and is expected to stake this latest withdrawal as well, maintaining a consistent staking strategy. Such activity may influence staking participation rates, liquidity, and market sentiment within the Solana ecosystem.

Terms & Concepts
  • Whale: In cryptocurrency, a whale is an individual or entity holding a large amount of a specific digital asset, capable of influencing market trends.
  • Staking: The process of locking cryptocurrency in a blockchain protocol to support network operations, earning rewards in return.
  • Drift Protocol: A decentralized platform on Solana offering trading, lending, and staking services through smart contracts.