In less than half an hour on Tuesday, local time in the United States, the price of Marinade Finance’s Solana-based liquidity collateral derivative mSOL dropped sharply.
According to price data from The Block, the mSOL token fell below $67 at 12:35 PM ET, having been trading around $77 just minutes earlier. Overall, mSOL fell as much as 18% on Tuesday, but quickly rebounded, with the price once again surging above $77 as of 1:57 p.m.
According to The Block Research, one large holder appears to have driven the sharp drop by exchanging over $5 million in mSOL derivatives for SOL. (The Block)