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Shocking! Pump.fun Dumped Nearly $750M SOL Ahead of X Ban
Pump.fun, the memecoin launchpad that dominates Solana’s onchain activity, has sold off approximately 4.1 million SOL tokens worth a staggering $741 million just days before its official suspension from X.
According to Lookonchain data, the platform conducted mass token sales across multiple transactions beginning May 19, 2024, at an average price of $180 per SOL. Notably, 264,373 SOL was directly swapped for $41.64 million in USDC at a price of $158, while the bulk, 3.84 million SOL, was sent to Kraken, suggesting potential liquidation on the exchange.
This massive treasury dump has worsened trust issues and added pressure on SOL’s price. The repeated transfers to centralized exchanges like Kraken signal profit-taking by the platform’s operators rather than reinvestment into the Solana ecosystem. This shift has sparked bearish sentiment, especially amid a broader downturn in Solana’s price action and social buzz.
Despite this exit wave, Solana-based treasury firms are still gaining traction. A recent Bloomberg chart shows companies like DeFi Development Corp. and Upexi Inc. outpacing SOL’s growth, reinforcing institutional confidence in Solana as a long-term asset.
Cantor Fitzgerald analyst Thomas Shinske highlighted in a recent note that SOL may eventually surpass Ethereum in appeal to treasury firms, thanks to its low fees, fast speeds, and staking incentives. These firms, often publicly listed, can raise capital at a premium and reinvest in the SOL ecosystem, offering investors exposure to Solana without holding the tokens directly.
In conclusion, the sudden and massive dump of nearly $750 million in SOL by Pump.fun has sent shockwaves throughout the cryptocurrency market, raising concerns about the trustworthiness of memecoin launchpads.
Source: coinchapter.com
