Solana whales are showing no signs of slowing down after two entities waded in to scoop significant amounts of SOL tokens. SOL Strategies and DeFi Dev Corp have increased the size of their holdings by a combined 200,000 SOL.
SOL Strategies Load Up Their Holdings With 122,524 SOL
Canadian investment firm SOL Strategies has announced the purchase of 122,524 SOL to continue its accumulation spree of the Solana native token. According to a press release, Sol Strategies acquired its latest tranche at an average price of $148.96 per token, splurging $18.2 million on the purchase.
The latest purchase follows the unveiling of a $500 million convertible note to buy SOL at the end of April. Per the company statement, the purchase is the first tranche flowing from the $500 million raise, with the company hinting at a future accumulation.
“With the closing of our initial $20 million tranche for the ATW facility, we’re executing exactly as promised – strategically acquiring SOL to expnd our validator operations and ecosystem position,” said SOL Strategies CEO Leah Wald.
The company CEO disclosed that the purchases will bring it one step closer to the goal of investing in Solana-based technology. Consequently, SOL Strategies’ total holdings stand at 391,782 SOL, valued at $55.6 million at current prices.
DeFi Dev Corp Acquires 82,404 SOL In Accumulation Spree
Publicly traded firm DeFi Dev Corp is matching the appetite of SOL Strategies to acquire 82,404 SOL. The company announced the purchase via a press release, splurging $11.2 million on the purchase.
The purchase brings DeFi Dev Corp’s total holdings to 400,091 SOL with a valuation of around $58.5 million. However, DeFi Dev Corp says the newly acquired tokens will be staked on its validators, earning native yield for investors.
As a result of the company’s latest purchase, speculation of a growing SOL arms race with SOL Strategies is brewing in cryptocurrency circles.
Solana Price Outlook Amid The Wave Of Institutional Interest
Data from CoinMarketCap reveals a bland reaction to the sizable purchases by SOL Strategies and DeFi Dev Corp. Over the last day, Solana price has shed nearly 2% to trade at $143, but monthly gains currently exceed 24%.
SOL price is holding up well above the $140 mark, riding the wave of Solana-based PumpFun flipping Ethereum in fees. However, Solana price has shown flashes of a potential rally, given a spike in daily trading volume by 18% to settle at $2.41 billion.
A Coingape article predicts Solana’s price to reach $750, but a low-hanging fruit is a short-term rally to clinch $300.
The post Solana Accumulation Heats Up: SOL Strategies, DeFi Dev Corp Scoop Over 200,000 SOL appeared first on CoinGape.
