Galaxy Digital Buys $486M Worth of SOL in 24 Hours
Galaxy Digital is buying over $1B in Solana for Multicoin's DAT. $326M already purchased, with $1B still in cash and stables.
- Galaxy Digital purchased 2.15M SOL in 24 hours.
- The latest purchase added 706,790 SOL worth $160M.
- The move reflects growing institutional interest in Solana.
Galaxy Digital has made headlines again with a bold investment in Solana. In just 24 hours, the firm bought over 2.15 million SOL tokens, totaling a jaw-dropping $486 million. The latest chunk came in the form of 706,790 SOL, valued at approximately $160 million.
This aggressive move shows Galaxy Digital’s growing interest in Solana as a key blockchain ecosystem. The company, led by Mike Novogratz, is one of the most active institutional players in the crypto space. Their continued accumulation of SOL could indicate long-term bullishness on the network’s potential.
What’s Driving This Solana Accumulation?
There are a few possible reasons why Galaxy Digital is stacking up on SOL:
- Network Growth: Solana has shown tremendous growth in DeFi, NFTs, and overall transaction volume.
- Competitive Edge: With its low fees and fast transaction speeds, Solana is being seen as a serious Ethereum alternative.
- Institutional Strategy: Galaxy Digital might be positioning itself ahead of a potential broader market rally.
Solana has consistently remained one of the top performers among altcoins, and such high-value institutional purchases often act as validation for retail investors.
What This Means for the Market
Big buys like these don’t just stay under the radar—they impact market sentiment. Traders and investors may see Galaxy’s move as a sign of confidence, potentially leading to more interest in SOL.
If this trend continues, Solana might be heading toward another major price movement. Institutional involvement is a strong indicator of trust in a network’s long-term viability, and Galaxy Digital’s purchase may just be the beginning.
Read also:
- Mastercard’s $2B Crypto Move Signals 24/7 Banking Shift
- Bitcoin Liquidation Surges as Fear Grips the Market
- MicroStrategy’s Strong Bitcoin Commitment Sets a High Bar
- Solana ETF Inflows Defy Crypto Selloff Trend
- Zama Announces Strategic Acquisition of KKRT Labs to Scale Confidentiality on Public Blockchains
