A Solana address with over 1 million tokens is sitting on over $150 million

A Solana address with over 1 million tokens is sitting on over $153 million in profit after a four-year staking play on the crypto asset

A Solana address has over 1 million tokens and is sitting on over $153 million in profit after a four-year staking play on the crypto asset, according to blockchain analytics firm Lookonchain.

The firm flagged a wallet address that staked nearly 1 million Solana (SOL) tokens in 2021. At the time of the staking, Solana tokens were worth around $27, which means the trader spent about $27 million to execute the staking play.

Later in April, the whale began offloading a portion of the token stash to cash out on the gains. Lookonchain reported that the whale had already unstaked 100,000 SOL tokens (about $14 million) and sent them to Binance. Sending tokens to crypto exchanges often indicates an intent to sell.

Even though the trader already took millions in SOL tokens, Lookonchain said the whale still has 1.19 million Solana, worth around $166 million. Since the trader spent $27 million on the play, the total unrealized profit for the address is about $153 million.

Solana whales turn $37 million to $200 million in four-year play

The Solana whale’s unstaking and token offloading follow another Solana staking play that involved hundreds of millions earlier in April.

On April 4, Arkham Intelligence data showed that four wallets that staked $37 million in tokens in 2021 had their tokens unlocked, meaning they can unstake and sell them. The blockchain intelligence platform called the event “the largest single-day unlock of staked SOL.”

During the unlock, the tokens were worth over $206 million. After the tokens were unlocked, about $50 million in tokens were sold.

Solana briefly flips Ethereum in staking market cap

As many whales turn to Solana for staking plays, the network briefly flipped Ethereum in the staking market cap. On April 20, the blockchain overtook Ethereum regarding staked token value after reaching over $53 billion. However, the event was short-lived as Ethereum easily recovered the top spot.

While the event may seem bullish, community members were split on whether Solana overtaking Ethereum is bullish or bearish for the network.