Pump.fun, a leading memecoin launchpad, has sold another 105,000 SOL tokens, valued at $25.14 million, intensifying pressure on Solana’s price. Blockchain analytics platform Lookonchain revealed the transaction, noting that the tokens were transferred to Kraken in a single move. This marks the latest in a series of similar sales by Pump.fun, which has been steadily cashing out its fee revenue in recent months.
The timing of the sale is significant. Solana’s price has increased, climbing from $135 to nearly $180, approaching its all-time high (ATH) and currently, it is priced at $241.66. This isn’t the first time Pump.fun has sold large quantities of SOL during a price surge.
Earlier this month, the platform sold 43,000 SOL when the token breached the $200 resistance level.
Since its inception, Pump.fun has accumulated a total of 1,307,966 SOL in fees, worth approximately $315 million. The platform has already offloaded 898,243 SOL, equivalent to $157 million. These sales, reportedly used for operational costs, have sparked discussions within the crypto community.
While some argue that the platform is entitled to its earnings, others worry that the continuous selloffs could negatively impact Solana’s price stability.
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