Blockchain-data platforms such as Nansen identified two addresses once associated with the defunct Libra token ecosystem as having moved hundreds of thousands of SOL tokens after a long period of inactivity.

One of the wallets reportedly held more than US$13 million in USDC and another around US$44 million before converting large amounts into Solana and wrapped Solana.

The movement coincided with Solana’s market-price decline below US$130, with the wallets accumulating around 456,401 SOL in the period of the drop. The timing has raised questions about whether the activity was opportunistic or signalled a more strategic shift in funds related to Libra.

Investigations And Liquidity Questions

The wallets’ history connects back to liquidity exits that accompanied the collapse of Libra, which lost billions in market value and triggered asset freezes in multiple countries.

Regulators and analysts are now watching whether the newly active funds will be traced and whether the movement of assets across chains could affect the trackability of funds.

The case emphasises how dormant wallets from high-profile token collapses may still hold material value and can become active when market conditions provide opportunity.

For Solana the inflow of large amounts from these wallets underlines its appeal in times of market correction and broader institutional interest in the chain. But for the industry, this kind of movement hints continuing concerns about transparency, source of funds and insider behaviour in crypto.

Analysts suggest that wallets tied to legacy tokens like Libra could be operating with considerable freedom, making the argument for stronger on-chain monitoring and regulatory frameworks.

What To Watch

Key indicators in the coming days will include whether the wallets move further funds into other assets, whether exchanges identify the incoming SOL for compliance purposes, and whether the legal pressure around the original Libra token increases as a result of renewed activity.

Next, how Solana’s price reacts will also matter. The accumulation occurred at a dip, and if the buying strengthens, it could mark a reversal in sentiment for the token.

Finally, tracking the wallet behaviour and cross-chain movements will provide more insight into how large-scale holders operate behind the scenes of the crypto market.