News
  • Elena R
    author-profile

    Elena R right arrow

    Author

    Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

    • author twitter

  • 2 minutes read

Pump.fun Sells $313 Million SOL: Solana’s Bull Run at Risk?

Story Highlights
  • Pump.fun Liquidations: Over $313M SOL sold, including $25M to Kraken, impacting liquidity.

  • Solana DEX Growth: DEX volume hits $41B, surpassing Ethereum, fueled by memecoin activity.

  • Bullish SOL Outlook: SOL nears all-time high, supported by strong market momentum.

Pump.fun, a leading platform for launching memecoins on the Solana (SOL) blockchain, has been steadily liquidating its Solana holdings – and raising many eyebrows. After accumulating over 1.3 million SOLโ€”worth more than $313 million at current pricesโ€”Pump.fun is now actively taking profits.

Is the market going to bleed? Find out below.

A Look at the Recent Transactions

On-chain data shows that in the past 24 hours, Pump.fun deposited about 105,000 SOL, valued at over $25 million, to the Kraken exchange. This is just one part of a bigger picture, as the platform has moved more than 898,000 SOLโ€”worth over $149 millionโ€”across various exchanges for liquidation. Some believe this could be a strategy to cash out, while others think it might be about managing liquidity.

These ongoing sales could have a significant impact on the Solana market. The large-scale liquidations are likely to affect the price of Solana and the broader ecosystem.

Meanwhile, the memecoin market on Solana has been booming, now reaching a market cap of over $22 billion, with a daily trading volume exceeding $9.2 billion.

Pump.fun’s Role in Solanaโ€™s DeFi Surge

As Coinpedia recently reported, Solana has been dominating the decentralized finance (DeFi) space. The rise of Pump.fun is a major factor in this success. According to Dune Analytics, Pump.fun launched 47,806 tokens in the last 24 hours, with 791 listed on the Raydium DEX. This has helped Solanaโ€™s decentralized exchange (DEX) volume grow rapidly, surpassing Ethereumโ€™s in the process.

Solanaโ€™s weekly DEX volume reached a new all-time high of over $41 billion, outpacing Ethereum and all its Layer 2 solutions combined.

Read Solana price prediction and uncover how Pump.funโ€™s liquidations and record-breaking DEX volumes could spark an explosive rally!

Market Picture

After an impressive bullish breakout in the past two weeks, Solana’s price is currently retesting its all-time high. The weekly Relative Strength Index (RSI) is currently attempting to rally beyond the 70 percent level for the first time since April, this year.

With Bitcoin nearing $100K, the market is seeing a shift toward large-cap altcoins. Solana, backed by its DeFi growth and the ongoing activity from Pump.fun, is well-positioned for a potential rally, possibly entering a new phase of price discovery.

The impact of these developments is far from over, and as the market reacts, Solanaโ€™s next chapter is currently brewing.

Show More

Related Articles

Back to top button