Pump.fun Sells 40,000 SOL for $6.68M Amid Market Speculation

In the past few weeks, Pump.fun, a well-known platform on Solana for launching meme coins, has been steadily offloading substantial amounts of SOL.

Recent insights from Lookonchain reveal that Pump.fun’s Fee Account sold an additional 40,000 SOL, approximately valued at $6.68 million, on October 2nd. This sale has raised questions about potential effects on the wider market. Shortly after this event, SOL’s price dipped momentarily to $163 before recovering to the current price of $166.

Pump.fun’s $6.68 Million Sale

According to Lookonchain data, Pump.fun has accrued total earnings of 969,945 SOL to date, which is roughly equivalent to $162 million. This amount follows the sale of 503,343 SOL for about $78.7 million, at an average price of $156.4. This achievement has positioned Pump.fun as one of the year’s most profitable protocols, seizing the opportunity created by the meme coin phenomenon while utilizing Solana’s ecosystem to generate significant revenue through its fee framework.

Since its debut in January, Pump.fun has produced over 2.5 million Solana tokens. Along the way, the platform has managed to collect $140 million through fees. During a recent Twitter Spaces session, the team introduced a trading bot and hinted at an upcoming token launch that could include an airdrop following their most successful week yet. They also teased a new offering, Pump Advanced, a trading terminal expected to compete with well-known platforms like Photon and Bull X.

Regarding the anticipated token launch and potential airdrop, Sapijiju, a pseudonymous co-founder of the project, commented,

“We are definitely planning on launching a token at some point in the future. I’m not going to say when that’s all to come. Our airdrop, no guarantees here, will probably be a lot more lucrative than anyone else in the space.”

Pump.fun’s Dual Challenge: Insider Exploit; Tron-Based Rival

Initially, Pump.fun implemented a charge of $7 in SOL for token creation, but in August, this fee was abolished, and a reward system for developers was introduced. Now, developers who successfully create tokens that reach a specific market cap are granted 0.5 SOL as a reward. This strategy has contributed significantly to Pump.fun’s remarkable expansion.

The Solana-based platform has also been behind several of the year’s most talked-about meme coins, including Moo Deng (MOODENG).

Despite its achievements, Pump.fun encountered a significant hurdle in May when a former employee misused their access to “withdraw authority,” stealing around 12,300 SOL, valued at around $1.9 million at that time. Another obstacle arose when the number of token deployments fell due to competition from Tron’s SunPump, although those figures have since recovered.