Many Whales Unfixed and Dumped SOL Today
On April 4, the blockchain analysis platform Lookonchain reported, “Many whales unfixed and dumped SOL today.” It highlighted four transactions of Solana Native tokens exceeding $3 million, with the largest transaction amounting to 258,646 SOL, valued at approximately $30 million. The Solana sell-off is a result of the meme coin bubble bursting, as assets have plummeted by 60% in just two months.
Whales Dumping SOL Today
Hujbzd dumped 258,646 SOL (approx. $30 million). Bnwzvg dumped 80,000 SOL (approx. $9.47 million). 8RWUQ5 dumped 30,000 SOL (approx. $3.5 million). 2UHUO1 dumped 25,501 SOL (approx. $3 million).
Addresses: https://t.co/mCaB45W6pV, https://t.co/wjhEwyZgFH, https://t.co/Waqe4cxvbP
!(pic.twitter.com/kc1Q5GEKIX) – lookonchain (@lookonchain) April 4, 2025
Major Solana Unlocking
On April 4, approximately $200 million worth of Solana was unlocked, increasing selling pressure. Arkham Intelligence stated, “It marks the largest single-day unlocking of stored liquidity until 2028.” A global report mentioned that 425,266 SOL worth $50 million had been unlocked, and 284,147 SOL valued at $33 million was transferred to exchanges Binance, Kraken, and Coinbase. The unlocking of Solana tokens refers to events where previously locked SOL becomes available for trading, typically due to vesting schedules or liquidation processes. The recent significant unlocking occurred in March when 11.2 million tokens were released from the FTX bankruptcy estate, totaling $1.3 billion.
Tomorrow’s $200M SOL Unlock
Tomorrow (April 4) marks the largest single-day fixed SOL unlocking until 2028. The four accounts invested a total of $37.7 million in SOL in April 2021, and the current price has appreciated by 5.5 times. !(pic.twitter.com/qvKFWxygh9) – Arkham (@Arham) April 3, 2025
Token Unlocking and Market Impact
Token unlockings are typically bearish in the short term as they increase circulating supply, with Solana currently at 514 million. The fintech company Ripple also unlocked $1 billion worth of XRP tokens this week, adding selling pressure as the asset fell below $24 on April 3. Other recent significant token unlockings include SUI, which has now decreased by nearly 10%.
SOL Price Decline
On the day, SOL’s price dropped by over 4%, a larger decline than the broader market losses. At the time of writing, the asset fell to a low of $112 during intraday trading before recovering to around $118. Over the past week, SOL has fallen by more than 16%, while the broader cryptocurrency market has only declined by 6.5%. This indicates that SOL is dumping at a faster rate than Bitcoin and other altcoins. The Solana blockchain is primarily used for meme coin minting and trading, and now that this bubble has burst, activity within the ecosystem and network revenue have declined. This has led to SOL’s price dropping to its lowest levels in over a year.
