- The memecoin launchpad Pump.Fun transferred 9,940 SOL ($1.33 million) to Kraken on Wednesday.
- Pump.Fun’s total sales now amount to 274,311 SOL ($42.93 million), about 38% of its total revenue.
- Analysts are bullish on Solana, with predictions that SOL could rise to $215.46
Pump.Fun, a popular Solana-based memecoin launchpad, continued its selling spree on Wednesday, offloading $1.33 million worth of Solana (SOL) to Kraken. According to data from Lookonchain, the protocol transferred 9,940 SOL to the U.S. crypto exchange by 14:55 UTC.
This latest transaction brings Pump.Fun’s total sales to 274,311 SOL ($42.93 million), which accounts for approximately 38% of the platform’s total revenue. Dune Analytics reports that since its launch in January, Pump.Fun has generated 712,797 SOL ($95.87 million) in fees.
The recent sale comes just nine days after Pump.Fun’s previous transaction, where it sold 10,300 SOL ($1.38 million), followed by a sale of 11,000 SOL ($1.48 million) 17 days prior. Wednesday’s sale brings Pump.Fun’s average sale price to $156.5 per SOL.
Solana’s Resurgence Amid Pump.Fun Decline
The Solana network has shown signs of life despite the lackluster usage of Pump.Fun recently. Pump.Fun’s usage depreciated recently as traction to the protocol dropped following the emergence of major competitors like Tron’s SunPump and Cardano’s Snek.Fun.
During its peak, Pump.Fun contributed immensely to the daily usage of the Solana activity, as data showed Pump.Fun-related transactions trumped those unrelated to the protocol.
This surge in activity has also been reflected in Solana’s price. SOL has risen 2.4% in the past 24 hours and is currently trading at $134. Over the past week, the asset has rebounded from a low of $121 on September 6, gaining nearly 1%.
With bullish sentiment building around Solana’s upcoming Breakpoint event, analysts are optimistic. MartyParty, a prominent market watcher, has predicted that SOL could rally to $215.46 before the event on September 20.
