Pump Fun has made over $263 million in revenue, selling a total of 793,243 SOL, despite selling off, its fee account still holds 220,865 SOL.
As a result of the recent increase in the price of Solana to $220, the popular cryptocurrency launchpad Pump Fun has sold off a greater portion of its SOL holdings.
Pump Fun Sells 43,000 SOL As Solana Price Surges
These developments occur in the midst of forecasts that Solana may soon hit its current all-time high (ATH) and perhaps surpass it in the not-too-distant future. Lookonchain, an on-chain analytics platform, disclosed in a post on X that Pump Fun has successfully sold 43,000 SOL, which is equivalent to $9.46 million.
The meme currency launchpad has generated a total revenue of about 1.2 million SOL, which is equivalent to $263 million, and it has sold 793,243 SOL, which is equivalent to $132.5 million. According to Solscan’s data, the Pump Fun fee account still has 220,865 SOL, which is equivalent to 48.4 million dollars.
The price of Solana reached $220, which was a new yearly high for the cryptocurrency. This new development occurred at the same time. As the price of Bitcoin continues to rise and sentiment in the cryptocurrency sector as a whole continues to be strong, SOL’s overall outlook is currently bullish.
Given the influx of liquidity into the SOL ecosystem, the price of Solana appears to be promising. Debridge’s data indicates that the Solana ecosystem has received over 160 million dollars in just seven days.Market participants’ desire to trade meme coins on the Solana network has partially fueled these inflows.
As a result of Binance’s spot listing, the value of the Solana meme coins ACT and PNUT increased by 1,300% and 250%, respectively, today, causing this frenzy to surpass all previous levels. As a result of the meme coin fever, Solana has surpassed Ethereum in terms of weekly decentralized exchange (DEX) volume for the sixth week in a row.
SOL To Reach All-Time High Soon
DeFiLlama’s data shows that Solana recorded a trading volume of $17.484 billion over the past seven days, while Ethereum’s DEX reported a volume of $14.97 billion during the same period. An expert in cryptocurrency known as Altcoin Sherpa stated in a post on X that the price of Solana will soon hit its current all-time high of $260.
He made this prediction in reference to the meme coin frenzy occurring on the Solana network, coinciding with his observation that market participants should not underestimate the potential of the “biggest casino this cycle”. The expert’s accompanying chart indicates that Solana’s price could surge rapidly to $290 once it surpasses its all-time high of $260.
Following its recent price rally, market analysis was conducted, indicating that Solana is targeting $263 and $330 as potential targets. In the meantime, there is also the possibility that for the duration of this market cycle, SOL might rally to a price as high as $1,000.
In the past twenty-four hours, the price of Solana has increased by more than four percent, and it is currently selling at almost $219. With $10.17 billion exchanged throughout this time period, the trading volume of SOL has increased by more than forty percent.
