Data Shows Users Transferring $200M to Solana from Exchanges Within a Single Week
Solana enthusiasts are displaying their confidence in the coin’s potential for reaching new peaks by withdrawing their holdings from centralized exchanges. Recent data from SolanaFM reveals that users have moved approximately $200 million from exchanges to wallets on the Solana network within the past week.
It is worth noting that Binance, a leading cryptocurrency exchange, has spearheaded this outflow, with a staggering $182 million transferred from the exchange to cold wallets, as per on-chain data from DefiLlama. In an interesting twist, while exchanges such as Bybit and Bitfinex experienced net outflows, OKX recorded a net inflow. Bybit and Bitfinex users withdrew $19.1 million and $1.035 million from the exchange, respectively, while OKX witnessed Solana holders moving $9.23 million into the derivative platform.
What stands out is that all exchanges experienced their highest outflow day on March 20, coinciding with the crypto market’s recovery from a dip that saw Bitcoin trading below $61,300.
The increased accumulation of Solana has been reflected in its price, as the asset soared past $200 over the past week. Notably, Solana’s decentralized exchange (DEX) volume also reached a new monthly all-time high of $50 billion, marking a staggering 126% growth from the previous month’s $28.62 million.
As the broader market continues its upward trend, Solana has maintained its rapid price increment. Year-to-date, Solana has surged by over 800%, skyrocketing from under $20 on March 25, 2023.
One of the major factors driving Solana’s price surge is the frenzy surrounding memecoins on the network. This craze has consistently propelled Solana to surpass Ethereum in daily and weekly trading volume. Memecoins like Dogwifhat (WIF), BONK, and Book of Meme (BOME) on the Solana network have attracted investors and experienced astronomical growth, gaining global relevance in the crypto sector.
The increasing accumulation of Solana always indicates bullish sentiments toward the coin. Therefore, on-chain activity suggests that investors firmly believe in SOL’s potential to reach new highs in the coming days. With the current price of $193, SOL is a mere $58 away from its all-time high of $251, last witnessed in November 2021.
Tags: Solana
