In a crucial market movement, pump.fun has sold a huge amount of $SOL. As per Lookonchain, a prominent on-chain analytics provider, the fee account of pump.fun has reportedly sold $SOL with a value of $18M in the recent 5 days. The analytics company provided the details of this event on its official social media account.
The https://t.co/DrKlYnPPqY Fee Account sold 122,250 $SOL($18.9M) again in the past 5 days!https://t.co/DrKlYnPPqY has generated total revenue of 773,617 $SOL($120.68M) and has sold 398,313 $SOL($62.13M) at an average price of $156 so far.https://t.co/8Jozj9QYlc pic.twitter.com/OUm808bBIG
— Lookonchain (@lookonchain) September 29, 2024
The Fee Account of pump.fun Offloads 122,250 $SOL (nearly $18.9M)
Lookonchian mentioned that the account offloaded 122,250 $SOL coins, equaling a value of almost $18.9M. In this way, it continued the big-scale activity thereof in the crypto market. Pump.fun has gained significant attention because of its massive revenue generation as well as frequent $SOL sales. In line with the data from Lookonchain, Pump.fun has gained a cumulative revenue reaching 773,617 $SOL. This figure equals nearly $120.68M based on the present market price.
The $SOL Sales by Pump.fun Denote that It Leverages High Liquidity and Market Fluctuations
A particularly striking thing deals with the sales activity of the platform. Out of the cumulative revenue of pump.fun, the platform has sold up to 398,313 $SOL (almost $62,13M) at $156 as an average price for each token. The frequency and scale of the respective sales point out that the company is leveraging market fluctuations along with increased liquidity in the ecosystem of Solana.
Solana has turned into a well-known platform in terms of performance in the crypto sector. Low fees and rapid transfers thereof contribute a lot to raising the position of the platform. Nonetheless, big-scale token selloffs such as these can influence price volatility.