Binance Denies Claims of Selling Solana Tokens Amid Market Turbulence
Binance addressed rumors of selling Solana tokens during the recent crypto market downturn. The price of Solana (SOL) fell below $130, prompting speculation of major firms, including Binance, engaging in large-scale OTC trades.
- SOL experienced a 23% correction over the past week.
- Reports of market makers withdrawing significant amounts of SOL from Binance's hot wallets fueled misconceptions about Binance's activities.
- A Binance spokesperson clarified that the exchange does not sell tokens but facilitates user trades.
Wintermute, a crypto market maker, withdrew over $38.2 million worth of SOL from Binance within 24 hours, ahead of a significant token unlock scheduled for March 1, which will introduce over 11.2 million SOL into circulation.
- Binance stated that market makers operate independently and their actions do not reflect the exchange's strategy.
- The spokesperson emphasized caution against misinterpretations of blockchain transaction data.
Despite broader market corrections affecting altcoins, SOL rebounded above $140 after dipping below $130. Analyst Ali Martinez identified the $125 support level as crucial for maintaining bullish momentum.
- A new wallet withdrew 96,128 SOL, valued at $12.37 million, from Binance and staked it with Jito.
- The wallet is linked to a whale who previously profited $4.58 million from a prior SOL trade.