Crypto Whale Withdraws $223 Million in Solana, Stakes Tokens for Rewards
A major cryptocurrency whale has made a significant move today, withdrawing 1.77 million Solana (SOL) coins, valued at approximately $223 million, from the Kraken exchange.
This massive transfer was flagged by Onchain Lens, a blockchain tracking firm, which noted the creation of a new cryptocurrency address for the withdrawal.
After the withdrawal, the whale staked all the SOL coins, indicating a long-term commitment to the Solana network. Based on current staking reward rates, if the SOL price remains steady, this whale could earn up to $17 million in rewards by staking the tokens for one year through Solana’s native staking model.
However, if the whale opts for liquid staking models, which offer more flexibility, the estimated rewards could rise to $23 million by the end of the year, assuming no significant changes in the SOL price.
The large-scale withdrawal and staking have raised eyebrows in the crypto community, leading to speculation about potential impacts on Solana’s market performance. With such a substantial amount of SOL staked, the whale’s actions may contribute to reduced circulating supply, which could drive future market activity.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
