Pump.fun, a Solana-based meme coin creation platform, is reportedly on a selling spree amid ongoing heavy fluctuation in the market. Its fees account sold more than 222K Solana in the last 3 months, adding more to the selling pressure.
Solana has seen much intense last few months as its price has dropped by over 11% in the last 90 days. SOL has been trying to get on the recovery wave recently but has failed due to high volatility in the market.
Pump.fun sold $35M worth of Solana
As per the data shared by Lookonchain, the Pump.fun’s fee account sold off the 222,073 Solana for 35.54 USDC over the period of 3 months. The sell-off was made at an average price of $160 per SOL. It added that the Solana-based meme coin creation platform’s revenue stands at 615,429 SOL (approx worth $89 million).
Pump.fun sold 56,950 Solana in the middle of May 2024, when SOL was trading near the $180 zone, while the next sales of over 30k and 18k SOL came in the last week of June. However, the platform went on to sell 55K of tokens around 25 July, when SOL price was trading over $180.
Solana has been unable to recapture the momentum since the major selling took off. Data shows that a whale wallet sold 594k SOL (approx worth $86 million) this year. The whale has been depositing its SOL holdings to crypto exchanges like Coinbase, Binance and OKX.
A whale sold 594K $SOL($86M) this year!
Since Jan 15, this whale has deposited 594K $SOL($86M) to #Coinbase, #Binance, and #OKX, averaging one sale per week.
The last sale was 16 hours ago.https://t.co/v6mJegPKCa pic.twitter.com/5CU24VPvtt
— Lookonchain (@lookonchain) August 13, 2024
SOL price has dropped by 6% in the last 7 days depicting sentiments among the traders. Solana is trading at an average price of $145.24, at the press time and still up by 43% on the YTD.
Pump.fun hits $28.7 million monthly income
Pump.fun reached a record high of $28.73M in monthly income for July, reflecting surging retail interest in meme coins. On July 29, it even outperformed Ethereum in 24-hour revenue, earning $864K compared to Ethereum’s $550K.
The platform’s success is fueled by trending Solana-based meme coins and celebrity launches from Caitlyn Jenner, Iggy Azalea, and Rich The Kid. dogwifhat (WIF) saw a 20% rally, becoming the 5th largest Solana-based crypto, showing that memecoin mania is still alive.
According to the data, the platform has launched a total of about 1.7 million tokens by August 10. It highlighted that 23,800 were listed on Raydium, 141 were listed on CoinGecko. Meanwhile, only 41 launched tokens can maintain a market value of more than $1 million for multiple weeks, and only 15 tokens took the bar over $10 million.
Despite the buzz, most Pump.fun tokens struggle to reach the first DEX. Only 1.41% make it to Solana’s Raydium, with the success rate stagnant since May.
