Several huge crypto wallets have simultaneously sent millions of dollars worth of Solana (SOL) to Coinbase in a flurry of transactions.

The series of whale transfers was initially detected by blockchain tracker and analytics tool Whale Alert.

Whale Alert witnessed the first massive SOL transfer involving a wallet of unknown origin relocating 599,999 SOL worth $12.54 million to the top US-based exchange. 

? 599,999 #SOL (12,546,669 USD) transferred from unknown wallet to #Coinbasehttps://t.co/zxJLHwh4VG

— Whale Alert (@whale_alert) March 6, 2023

Within moments, a separate wallet sent another batch of 599,999 SOL worth $12.54 million to the same crypto exchange.

Seconds later, a third unknown wallet shifted 554,431 SOL worth $11.59 million to Coinbase.

A fourth wallet then sent 599,999 SOL worth $12.54 million to Coinbase, followed by a fifth and final wallet sending 599,999 SOL worth $12.54 million to the same crypto exchange. 

All of the large SOL transactions happened in less than two minutes with relatively similar amounts, which indicates a single entity could be behind the transfers.

Since the crypto assets were all sent to a crypto exchange, they could potentially be sold on the open market.

It cost virtually nothing in fees to process all five transactions amounting to 2,954,427 SOL worth nearly $70 million. 

At time of writing, SOL is trading for $20.83, a fractional increase in the last 24 hours.

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