As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I find myself both intrigued and concerned by the recent actions of Pump Fun. The repeated selloffs of Solana (SOL) by the Pump Fun Fee account have undeniably left their mark on the market, causing ripples that are hard to ignore.
Spotlight Shines on Innovative Meme Coin Launchpad Pump Fun Following Another Cashout Strategy, Affecting Solana’s Price. As reported by Lookonchain analytics platform, the fee account of Pump Fun has offloaded an additional 105,000 SOL within the last day.
Pump Fun and the Selloff Agenda
According to Lookonchain, 105,000 SOL, which is equivalent to $25.14 million, was moved to the Kraken exchange in a single transaction. As shown in the chart provided by Lookonchain, the Pump Fun Fee account has made several deposits related to this transfer over the past month to Kraken.
It seems difficult to put into words, but it appears that this offload could be a strategy for realizing profits since the price of Solana is nearly reaching its all-time peak (ATH). As the Solana price gears up to challenge the ATH, the dominance of SOL has surged to a record high.
It appears that there’s a noticeable pattern in the selling activity of Pump Fun, coinciding with a rise in the value of Solana. Just recently, when the coin broke through the $200 resistance barrier, their launchpad offloaded approximately 43,000 SOL.
Currently, Pump Fun has accrued a grand total of about 1,307,966 SOL in fee earnings, which translates to around $315 million. Since it began selling its accumulated SOL, the platform has liquidated approximately 898,243 SOL, according to Lookonchain data, worth an estimated $157 million.
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)— Lookonchain (@lookonchain) November 18, 2024
Discussions about the platform’s downward trend in sales have sparked within the cryptocurrency community. While certain participants argue that the platform merits being “withdrawn from,” many others suggest that this selloff could potentially lower the value of Solana.
Solana Price And ATH Expectations
In the current uptrend, Solana (SOL) has been one of the primary gainers. Notably, it surpassed Binance Coin (BNB), setting sights on a potential $300 peak. Yet, some analysts caution that the aftermath of the Pump and Dump selloff could potentially disrupt its remarkable upward trend over the past few weeks.
From a perspective rooted in crypto investing, my fascination with Solana (SOL) persists, given its focus on blockchain utility for everyday retail users. The allure is not just about this retail adoption but also the tantalizing prediction from past price analyses suggesting a potential surge of up to 900% that could propel the coin’s value to an astounding $1000.
If Bitcoin‘s price remains over $90,000, it could help Solana (SOL) continue its current bullish trend, as these two cryptocurrencies often move together.
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2024-11-19 02:36