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

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 SOL—worth more than $313 million at current prices—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 SOL—worth over $149 million—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 Solana’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 Solana’s decentralized exchange (DEX) volume grow rapidly, surpassing Ethereum’s in the process.

Solana’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.fun’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.

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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, Solana’s next chapter is currently brewing.