As a seasoned crypto investor with a knack for spotting trends and patterns, I find myself intrigued by the recent actions of Pump.fun. The consistent selling of Solana tokens from their fee account raises some eyebrows. While it’s understandable that they might need liquidity to cover operational costs or fund future projects, this pattern could potentially signal a bearish sentiment towards SOL in the long run.
The meme coin launch platform, Pump.fun, which enables users to effortlessly develop their own meme coins, has once again offloaded a portion of the Solana tokens they received from transaction fees.
On November 18th, according to the blockchain data tracking platform Lookonchain, Pump.fun had sold approximately 105,000 Solana (SOL) tokens. The tokens that were disposed of were from Pump.fun’s fee account and were worth over $25 million at the time, as reported by Lookonchain on X.
During this sale period, the value of the altcoin increased significantly from approximately $135 to around $180. Notably, the leading meme coin generator on Solana’s platform, with a total earnings of 1,307,966 SOL valued at over $315 million, has been actively selling coins in recent times.
As a crypto investor, I recently noticed that Pump.fun sold approximately 43,000 Solana (SOL) tokens, totaling around $9.38 million, seven days ago. Over the past few weeks, this platform has been steadily offloading SOL tokens to the tune of 352,400 SOL, which amounts to over $71 million. This includes a sale of about 10,300 SOL in September as well.
In summary, based on blockchain information, the competitor of SunPump has withdrawn approximately 898,243 SOL, which is equivalent to around $157 million.
The funds collected in the fee account seem to indicate that the team requires immediate cash. It appears that this digital wallet serves not only for storing transaction fees but also for meeting the operational expenses of the platform.
SOL price
The recent SOL sale at Pump.fun occurs during a period when the token’s price has soared past $200. Over the last month, Solana’s value has surged by over 50%, setting new yearly peaks above $247. As reported by crypto.news, this bullish trend has pushed SOL just 8% shy of its all-time peak price of $259.
The price of SOL has dropped from $247.84 to $237.41, reducing its 24-hour growth by approximately 2%, and its weekly growth to around 8.6%.
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2024-11-18 23:02