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A Solana whale who had regularly sold tokens since January deposited almost $2.8 million into several exchanges, bringing the investor’s total tokens sold this year to $84 million.
On Aug. 13, blockchain data analysis company Lookonchain <a href="https://x.com/lookonchain/status/1823239539554684981" text="null" title="null">spotted</a> a Solana (<a href="https://cointelegraph.com/solana-price-index" text="null" title="null">SOL</a>) wallet dumping tokens weekly since Jan. 15. According to the data firm, the whale has transferred at least 594,000 SOL to Coinbase, Binance and OKX this year.&nbsp;
<figure>
 <img alt="Solana whale continues $84M dump with $2.8M sale" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Solscan">
 <figcaption style="text-align: center;">
 Whale sends millions in SOL to a Coinbase wallet. Source: Solscan
 </figcaption>
</figure>
The tokens are worth about $84 million in total, as SOL’s price hovers at $144.30. The whale sold tokens at least once per week, with the latest sale being a 20,000-SOL (about $2.8 million) token transaction.&nbsp;
<h2 id="ether-whale-on-154-million-dumping-spree">Ether whale on $154-million dumping spree</h2>
Apart from the Solana holder, another whale linked to the Ethereum initial coin offering (ICO) has been <a href="https://cointelegraph.com/news/ethereum-whale-deposits-13-2m-eth-okx-speculation" text="null" title="null">offloading tokens for over a month</a>. On Aug. 12, Lookonchain pointed out that the Ether (<a href="https://cointelegraph.com/ethereum-price" text="null" title="null">ETH</a>) whale deposited $13.2 million in ETH into OKX.&nbsp;
The whale has been selling tokens since July 8. Its total number of tokens deposited to OKX is $154 million, and the funds were deposited at an average price of $3,176. The wallet received 1 million ETH during the Ethereum ICO.
Despite the recent sale, another whale has taken the opposite position with a similar amount. On the same day, an Ethereum wallet scooped up 5,000 ETH, adding about $12.8 million to their portfolio.
Related: <a href="https://cointelegraph.com/news/ether-whale-buys-13m-eth-needs-reclaim-2-7k" text="null" title="null">Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up</a>
<h2 id="dollar-cost-averaging-strategy-in-crypto-investing">Dollar-cost averaging strategy in crypto investing</h2>
Instead of selling their tokens in a lump sum transaction, the whales employed what the investing world calls the <a href="https://cointelegraph.com/news/what-is-dollar-cost-averaging-dca-and-how-does-it-work" text="null" title="null">dollar-cost averaging (DCA)</a> strategy. The DCA strategy is a popular method for crypto investing, which features periodically buying or selling crypto assets instead of doing a bulk transaction at one time.&nbsp;
Given the difficulties in estimating the top or bottom of prices, experienced traders <a href="https://cointelegraph.com/news/altcoin-roundup-smart-investors-don-t-just-buy-dips-they-dollar-cost-average" text="null" title="null">use the DCA method</a> to invest in crypto. The investment strategy makes a holder less affected by emotions as DCA investors think about long-term prospects.&nbsp;
While the method is constantly advertised for buying crypto, it is also used when selling tokens to take profits.
Magazine: <a href="https://cointelegraph.com/magazine/coldie-snoop-dogg-piece-vitalik-buterin-john-mcafee/" text="null" title="null">NFT Creator: ‘Holy shit, I’ve seen that!’ — Coldie’s Snoop Dogg, Vitalik and McAfee NFTs</a>

Solana whale continues $84M dump with $2.8M sale

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Cointelegraph

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