Pump.fun, a meme coin launch platform, sold more Solana tokens generated in fees.
Lookonchain, a blockchain data monitoring platform, announced on November 18 that Pump.fun has sold 105,000 Solana tokens.
Lookonchain said on X that the offloaded tokens, which at the time amounted over $25 million, originated from the meme factory’s fee account.
The altcoin’s price increased from $135 to around $180 at the same time as this sale. The leading meme coin generator in Solana has been steadily selling coins in recent weeks and months, with a total income of 1,307,966 SOL, or more over $315 million.
Seven days ago, Pump.fun sold 43,000 SOL for more over $9.38 million. The site has offloaded 352,400 SOL valued at more than $71 million in recent weeks.
This covers the 10,300 SOL that was sold in September. On-chain data indicates that the SunPump competitor has cashed out a total of 898,243 SOL, or $157 million.
These sales from the fee account indicate that the team needs money because this wallet is used to pay platform operating expenses in addition to collecting transaction fees.Â
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The most recent SOL sale on Pump.fun coincides with the token’s price surge past $200. The price of Solana has risen by over 50% in the last month, hitting fresh highs of around $247 for the year.
This bullish rally took SOL within 8% of its all-time high of $259, according to market statistics. Since then, SOL has dropped from $247.84 to $237.41, reducing seven-day gains to about 8.6% and 24-hour gains to about 2%.
