Solana's Price Hit by Pump.fun and Memecoin Frenzy
On Wednesday, September 4, Solana's native token, SOL, saw a significant price drop, falling over 12%.
Solana’s native token, SOL, took a hit on Wednesday, September 4, with a major sell-off from Pump.fun affecting the token’s price.
According to Lookonchain, the Pump.fun fee account sold 10,300 SOL ($1.38 million) at $134.46 on Tuesday. This sale is part of a larger sell-off, with the fee account selling a total of 264,373 SOL ($41.64 million) at an average price of $157.5.
The platform is known for launching memecoins on the Solana network and is able to mint and sell these tokens quickly, thanks to Solana’s fast transaction speeds. These tokens are then used to generate revenue for Pump.fun.
Solana’s price has seen significant variance this week, with the token dropping from $141 on Monday to a low of $124 on Wednesday. However, following a broader market rally, SOL finally stabilized at $134 by late Wednesday.
This price movement also broadly follows Bitcoin’s performance this week, with the primary cryptocurrency starting at $58.7k and falling to a low of $56k on Tuesday. Only on Wednesday did BTC begin to recover its losses.
Solana’s price also follows a trend in the altcoin market, where large buying or selling activities—especially from entities like Pump.fun—can significantly impact the underlying price of the token due to the relatively low liquidity in these markets.
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