A Solana whale who had been regularly selling tokens since January deposited nearly $2.8 million into multiple exchanges, bringing the total number of tokens sold by the investor this year to $84 million.

On August 13, blockchain data analytics company Lookonchain discovered a Solana SOLUSD Wallet dumping tokens weekly since January 15. According to the data firm, the whale has transferred at least 594,000 SOL tokens to Coinbase, Binance, and OKX this year.

The tokens are worth a total of about $84 million, while the SOL price is $144.30. The whale sold tokens at least once a week, with the last sale being a token transaction worth 20,000 SOL (about $2.8 million).

Ethereum whale on $154 million dumping spree

Apart from the Solana holder, another whale associated with Ethereum’s Initial Coin Offering (ICO) has been selling tokens for over a month. On August 12, Lookonchain pointed out that Ether ETHUSD Whale deposited $13.2 million in ETH to OKX.

The whale has been selling tokens since July 8. The total number of tokens deposited on OKX is $154 million, and the funds were deposited at an average price of $3,176. The wallet received 1 million ETH during the Ethereum ICO.

Despite the recent sell-off, another whale took the opposite position with a similar amount. On the same day, an Ethereum wallet collected 5,000 ETH, adding about $12.8 million to its portfolio.

Dollar-cost averaging strategy for crypto investments

Instead of selling their tokens in a lump sum transaction, the whales used what the investment world calls the dollar-cost averaging (DCA) strategy. The DCA strategy is a popular method of crypto investing that involves buying or selling crypto assets at regular intervals rather than making a bulk transaction all at once.

Since it is difficult to estimate the high and low prices, experienced traders use the DCA method to invest in cryptocurrencies. This investment strategy makes the holder less influenced by emotions as DCA investors think about long-term prospects.

While the method is constantly promoted for buying cryptocurrencies, it is also used in selling tokens to make profits.