Pioneering memecoin launchpad Pump Fun is in the spotlight after it made another cashout move, placing pressure on Solana’s price. According to an update from the analytics platform Lookonchain, the Pump Fun fee account has sold off another 105,000 SOL within the past 24 hours.
Pump Fun and the Selloff Agenda
Lookonchain detailed that the offloaded 105,000 SOL is valued at $25.14 million. The platform transferred this lumpsum to the Kraken exchange in one transaction. Per the chart shared by Lookonchain, the Pump Fun Fee account has initiated a series of related deposits to Kraken over the past month.
While it is hard to explain, this offload appears as a profit taking move as the price of Solana is close to hitting its All-Time High (ATH). The Solana price set the pace to retest ATH the SOL dominance soar to a new high.
There is an observable trend in Pump Fun’s selloff action which comes with a surge in the price of Solana. Earlier this month when the coin jumped above the $200 resistance level, the launchpad sold 43,000 SOL.
At the moment, Pump Fun has generated a total fee revenue of 1,307,966 SOL valued at approximately $315 million. Since it started selling its accumulated SOL, the platform has offloaded 898,243 SOL valued at $157 million per Lookonchain data.
The #Pumpfun Fee Account sold 105,000 $SOL($25.14M) again 20 mins ago!
Total revenue: 1,307,966 $SOL($315M)
Total sold: 898,243 $SOL($157M)https://t.co/8Jozj9QYlc pic.twitter.com/Sj42JnrFpi
— Lookonchain (@lookonchain) November 18, 2024
The platform’s selloff trend has stirred conversation in the crypto ecosystem. Though some community members believe the protocol deserves the “cashout,” a good number say the selloff might impact Solana price negatively.
Solana Price And ATH Expectations
SOL remains one of the biggest beneficiaries in this ongoing bull market cycle. Recently, SOL outpaced Binance Coin (BNB), paving way for a rally toward $300 high. However, many believe the impact of the Pump Fun selloff might derail its impressive growth in the past few weeks.
As a blockchain with retail utility focus, SOL attraction remains high. Beyond this retail adoption backing, previous SOL price analysis hinted at the likelihood of the coin soaring by 900% to $1000.
With Bitcoin price still trading above $90,000 level, SOL might also leverage its correlation to sustain its ongoing bull rally.
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