Memecoin generating platform Pump.fun made a new addition to its Solana (SOL) sale.
The focus in the cryptocurrency market is on the memecoin generating platform Pump.fun. Solana (SUN) Translated into sales. The crypto wallet associated with the platform is still valued at $47 million. SOL This finding suggests that the market may continue under selling pressure. On October 22, a wallet linked to Pump.fun sold 40,000 SOLs worth $6.6 million, according to a statement from Onchain analysis firm Lookonchain.
40,000 SOL sold on October 22nd alone!
“Pump.fun wallet sold 40,000 SOL ($6.68 million) 5 hours ago. To date, the platform has sold a total of 969,945 SOLs ($162 million) and handled 503,343 SOLs ($78.7 million) at an average price of $156.4 given.”
It is said that the sale in question is considered market interference by whales. Whales can cause sudden changes in market prices by selling them. Investors are trying to make predictions about potential volatility by keeping a close eye on the wheel movements.
Pump.fun’s sales pressure continues.
Pump.fun’s SOL sale pushed the token’s price to record lows. As of September 4, the platform has sold $41 million worth of SOL tokens at an average price of $157.5. During that period, Solana’s price fell 12 percent to $128.
According to Solskin data, the platform still has $47.9 million worth of Solan in its wallet. Hence, it increases the possibility of creating further selling pressure on the equity.
However, the fact that the memecoin craze is in full swing gives hope both in terms of price and ecosystem. Since Memecoin hunters prefer the Solana network the most, SOL keeps its value strong. This situation may reverse as different trends emerge.
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This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
