Memecoin Launchpad Pump.fun Intensifies Pressure on Solana's Price as It Sells Another 105,000 SOL

Pump.fun, a leading memecoin launchpad, has sold another 105,000 SOL tokens, valued at $25.14 million, intensifying pressure on Solana's price.

Pump.fun, a memecoin launchpad, has sold another 105,000 SOL, valued at $25.14 million, according to blockchain analytics platform Lookonchain.

The tokens were transferred to Kraken in a single transaction, as noted by the platform. 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 also noteworthy, as Solana's price has seen a significant increase, climbing from $135 to nearly $180, approaching its all-time high (ATH). At the time of writing, SOL trades 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.

Pump.fun, known for its memecoin launches, has reportedly accumulated a total of 1,307,966 SOL in fees, which is valued at around $315 million.

The platform has already offloaded 898,243 SOL, which is approximately $157 million. These sales, which are said to be used for the platform's operational costs, have sparked discussions within the crypto community.

While some argue that the platform is entitled to its earnings, others express concerns that the continuous selloffs could negatively impact Solana's price stability.

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