Recently, the Pump.fun Fee Account made a new round of activity when it sold 78,000 SOL tokens to Kraken at an estimated $15.11 million. This notable transaction contributes to the increasing total revenue of Pump.fun, which has reached 1,151,586 SOL and is approximately $223 million in the market.
Background on Pump.fun’s Activity
The Pump.fun Fee Account has been selling SOL tokens for several days now and has caused ripples in the crypto space. Thus, by now, the account has managed to sell 750,243 SOL in total, which, according to the current price, stands at about $123 million in market value. This is part of a series of sales with SOL liquidity flowing continuously to Kraken while Pump.fun’s intentions and next moves are being discussed on social media.
Earlier sales on November 6 included the sale of 34,400 SOL, which was equivalent to slightly over $6.77 million, with the remaining transferred to Kraken as USDC. The trend that involves the exchange of SOL to the fiat-backed stablecoins indicates a consequential dumping or relocation of the asset that has captured the attention of many traders and investors.
Market Implications of SOL Sales
Such a large-scale liquidation has raised questions about its effects on the SOL market. While the SOL trading volumes on Kraken have indicated frequent and massive sales, there is still controversy concerning the impact of these volumes on SOL prices. Since SOL is one of the most popular assets in the crypto market, any long-term selling pressure could put downward pressure on the cryptocurrency, especially if buying demand does not come in to counterbalance the supply inflow into the market by Pump.fun.
Total Deployed and Revenue
Apart from SOL sales, Pump.fun has deployed 3,046,312 SOL, which indicates significant trade activity and market depth. These operations have yielded more than a million SOL in cumulative revenues for the account, implying a significant profit for Pump.fun. The reason behind deploying SOL is unclear, but its efficiency and transaction turnover indicate that it is well-organized.
Crypto Community Reaction
The recent SOL sales by Pump.fun are a major event in regard to the SOL market and exemplify how large-scale activity providers might affect the SOL price and market sentiment. Nevertheless, with constant supervision by blockchain analysts, the crypto world is eagerly awaiting more actions from Pump.fun to grasp its long-term vision of the digital asset space.
Source: https://blockchainreporter.net/pump-fun-sells-off-78000-sol-total-revenue-hits-223m/