Solana’s Pump.fun Sells $6.68M in SOL From Fee Account

Pump.fun, a Solana-based memecoin launchpad, has sold 40,000 SOL, valued at $6.68 million, from its fee account. The recent sale has intensified speculation about the potential short-term impact on Solana’s price.

The memecoin launchpad has been consistently selling large amounts of SOL recently after generating a cumulative revenue of 969,945 SOL ($162 million). According to on-chain analyst Lookonchain, Pump.fun has sold 503,343 SOL ($78.70 million) at an average price of $156.40 so far.

However, the continued sell-off of its SOL holdings has raised concerns among traders about possible downward pressure on Solana’s price.

Token Launch

Pump.fun leverages Solana’s low transaction fees, making it an appealing choice for users interested in generating new tokens.

The memecoin platform recently introduced “Pump Advanced,” a new trading terminal designed to provide users with additional trading features and tools. The terminal will offer 0% trading fees for the first month. 

At a recent event, Pump.fun co-founder Sapijiju mentioned potential plans for a new token launch and an airdrop, suggesting that the airdrop might be more generous than other platforms.

Price Reaction

Solana’s price has seen a slight 1% uptick in price in the past 24 hours trading at $168 — coinciding with the sale of 40,000 SOL from Pump.fun’s fee account.

The Solana blockchain is set to release an additional 524,030 SOL this week, valued at about $88.46 million. This follows a previous unlock in October, when $81 million worth of SOL was introduced into circulation, leading to a 6% price drop before a quick recovery.

Market observers are now closely watching to see if the upcoming token unlock will exert further short-term pressure on SOL’s price or if the market can absorb the new supply without significant volatility.

Solana trade at $168.60 at press time, representing a 3% surge in the past 24 hors, and 7% increase over the past week.