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Home»ADOPTION NEWS»Solana whales briefly sent mSOL plummeting by selling over $5 million worth of tokens.
ADOPTION NEWS

Solana whales briefly sent mSOL plummeting by selling over $5 million worth of tokens.

By Crypto FlexsDecember 12, 20233 Mins Read
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Solana whales briefly sent mSOL plummeting by selling over  million worth of tokens.
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Market • December 12, 2023 2:33 PM EST

Posted 1 minute ago In ~

In less than 30 minutes, the price of Marinade Finance’s Solana-based liquid staking derivative m skyrocketed. brush

-2.55%
It fell like a rock on Tuesday.

The mSOL token fell below $67 at 12:35 PM ET after trading at around $77 just a few minutes ago, according to The Block pricing data. Overall, mSOL bounced back quickly after falling as much as 18% on Tuesday, soaring above $77 as of 1:57 PM ET.

One large holder, or whale, appears to have driven the sharp decline by exchanging more than $5 million worth of mSOL derivatives for SOL, according to data from The Block Research.

Solana-based derivative mSOL price movement. Image: The Block

Introduction of incentive program

At the beginning of this year Marinade Finance has launched a new token incentive. This is a program that rewards users who deposit Solana (SOL) coins in exchange for a liquid staking derivative called mSOL. dubbing ‘Open Doors’ planned to offer up to 160 million Marinade tokens as rewards to users throughout the year.

The goal was to increase the amount of Solana locked on the Marinade platform by 40 million SOL. said On Twitter at the time.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal and has covered companies including Disney, Netflix, and Warner Bros. and the creator economy, with a primary focus on technological innovation across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.

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