Pump.fun, a prominent platform for launching memecoins, has sold an additional 105,000 SOL tokens, valued at approximately $25.14 million, further pressuring Solana’s price. The transaction, which saw the tokens transferred to the Kraken exchange, was flagged by blockchain analytics firm Lookonchain. This marks the latest in a series of large-scale sales by Pump.fun, which has consistently liquidated its fee revenue in recent months.
The timing of this sale is particularly notable, coinciding with a surge in Solana’s price. The token has seen a significant increase, rising from around $135 to nearly $180 earlier in the month, and is currently trading at $241.66—approaching its all-time high. This isn’t the first time Pump.fun has capitalized on Solana’s price rallies. Earlier in the month, the platform offloaded 43,000 SOL when the token surpassed the $200 resistance level.
Since its launch, Pump.fun has accumulated a total of 1,307,966 SOL in fees, amounting to roughly $315 million. Of this, the platform has sold 898,243 SOL, worth about $157 million. These sales, which are purportedly used to cover operational costs, have sparked mixed reactions within the crypto community. While some supporters argue that the platform is entitled to its earnings, others express concerns that the ongoing selloffs could exert downward pressure on Solana’s price stability.
As Pump.fun continues to liquidate its holdings, all eyes are on the potential long-term impact on the Solana ecosystem and the broader crypto market.
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