Whale Moves $8.75M in SOL from Coinbase for DeFi Staking

Edgen Crypto

·Feb 05 2026, 04:15

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Key Takeaways

A major Solana holder, identified as 'dogeftw_sol', has transferred a significant amount of SOL off a centralized exchange, signaling a potential reduction in market supply. The whale's history suggests these tokens are destined for the Drift staking protocol, indicating a long-term bullish outlook on the asset.

Significant Withdrawal: A whale address moved 94,100 SOL, valued at approximately $8.75 million, from the Coinbase exchange.
Consistent Staking Pattern: This same address has cumulatively staked 360,500 SOL ($72.24 million) on the Drift protocol over the past five months.
Bullish Market Signal: Moving assets from an exchange to a staking protocol is typically viewed as bullish, as it reduces immediately sellable supply and demonstrates holder conviction.

Whale Pulls $8.75 Million in SOL from Coinbase

A prominent Solana whale, using the address 'dogeftw_sol', has executed a large-scale withdrawal from Coinbase. On-chain data confirms the transfer of 94,100 SOL, worth approximately $8.75 million, out of the centralized exchange. Such a significant move by a single entity is closely watched by market participants as an indicator of a major holder's intentions.

Staking Strategy Reaches $72.24M on Drift Protocol

This latest transaction is part of a larger, consistent strategy by the whale. Over the last five months, the 'dogeftw_sol' address has systematically moved funds to the Drift protocol for staking, with total deployments reaching 360,500 SOL, valued at $72.24 million. By shifting assets from a liquid exchange environment to a staking contract, the holder effectively removes supply from the open market. This action reduces potential sell pressure and signals strong, long-term conviction in the future value of both the Solana network and the Drift DeFi platform.