- An early Solana investor who turned $27 into a fortune has over $166 million worth of SOL after the withdrawal of $13.9 million.
- According to on-chain data, the long-term staking yielded a massive $153 million gain.
- This move has been a major topic in the crypto community, with two features being highlighted: the openness of blockchain technology and the risks of holding large amounts of cryptocurrency.
A Solana (SOL) whale has garnered the attention of the crypto community after they withdrew some of its portfolio of crypto after more than four years of staking. According to blockchain tracking platform Lookonchain, the whale recently unstaked 100,000 SOL tokens — about $13.9 million — and put them on the popular cryptocurrency exchange, Binance.
This move happened a couple of hours before it was posted on Lookonchain’s X handle, and it is said to be one of the most notable long-term stakes in the Solana ecosystem.
How Early Solana Bet Grew Into a Massive Fortune
On-chain data indicate that the investor staked 991,079 SOL tokens around four years ago when the price of SOL was slightly over $27.
Source: X @Lookonchain
Indeed, the years of staking hasn’t been without consequences, but it continued to present a wealth of opportunities for early investors in crypto, as this early Solana bet shows. Despite the recent $13.9 million withdrawal, the whale still retains a massive amount of SOL tokens in stake.
The numbers show that over $166 million worth of SOL still lingers in the account address. This means that even after withdrawing a very large sum, the investor has left a majority of their holdings in the network, which could be a signal that the investor is willing to continue investing in Solana.
Crypto Community Watchers Are Stunned by $153 Million Profit
With a total value of investments exceeding $166 million and an initial entry on the token at $27, the investor realized gains exceeding $153 million. Blockchain explorer, Solscan clearly shows which tokens were staked, which were unstaked, and which were transferred in a transaction.
The exact reasons for the withdrawal have yet to be revealed, whether for profit-taking, portfolio rebalancing, or any other reason. This kind of activity provides many retail investors with both the potential and the risks of staking and holding through market cycles.