CandleFocus

Millionaire investors are buying millions of this cryptocurrency

Author: Content Editor
The cryptocurrency volatility has affected the market, but some millionaire investors have been accumulating millions of dollars worth of Solana (SOL). These investors have purchased SOL, withdrawn it to self-custody, and staked the tokens to earn passive income, indicating their intention to hold mid to long-term positions. This behavior is different from the predominant short-term, highly speculative gains previously observed. Meanwhile, some millionaire Solana addresses were using SOL to buy risky memecoins. The article highlights the activities of three whale addresses that have made significant purchases and engaged in liquid staking. The liquid staking feature allows investors to remain liquid while participating in decentralized finance protocols. Solana's price has been in a downtrend, but it has seen positive gains year-to-date. A cryptocurrency trader and analyst, Alan Santana, has made a "last short" SOL premium trade, expressing his bearish view. Overall, the market is awaiting to see what the future holds for Solana and cryptocurrencies in the remaining two months of 2024.

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