Pump.fun Sells More Solana, Bringing 2024 Liquidations to $805 Million
Summary
- Pump.fun has again carried out a large sale of Solana (SOL) accumulated through fee revenue.
- EmberCN said Pump.fun transferred 122,500 SOL, worth about $10.08 million, to Kraken roughly six hours earlier, and the market viewed the move as a deposit for sale.
- EmberCN estimates that Pump.fun has liquidated a total of 4.73 million SOL, worth about $805 million, at an average price of about $170 per SOL since the start of 2024, repeating a pattern of sending tokens to exchanges and selling them once the holdings reach a certain size.
Forecast Trend Report by Period
Pump.fun, a Solana-based memecoin platform, appears to have carried out another large sale of Solana (SOL) accumulated through fee revenue.
On July 7, on-chain analyst EmberCN said Pump.fun transferred 122,500 SOL, worth about $10.08 million, to crypto exchange Kraken roughly six hours earlier. The transfer is widely viewed as a deposit for sale.
EmberCN estimates that Pump.fun has liquidated a total of 4.73 million SOL from fee revenue since the start of 2024. At current prices, that amounts to about $805 million, with an average sale price of roughly $170 per SOL.
Pump.fun has accumulated Solana through fees generated during memecoin issuance and has repeatedly sent the tokens to exchanges for sale once the holdings reached a certain size.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.