Memecoin Launchpad Pump Fun Cashes Out Another 105,000 SOL, Putting Pressure on Solana's Price

Pioneering memecoin launchpad Pump Fun is in the spotlight after it made another cashout move, placing pressure on Solana's price.

Pump Fun, a memecoin launchpad on Solana, has sold another 105,000 SOL for approximately $25.14 million, according to an update from analytics platform Lookonchain.

The platform transferred the large sum to the Kraken exchange in a single transaction.

As per the chart shared by Lookonchain, the Pump Fun Fee account has made several deposits to Kraken over the past month.

While the precise reason for these sales is unclear, they do appear to coincide with surges in the price of Solana.

Earlier this month, as SOL breached the $200 resistance level, the launchpad sold 43,000 SOL.

Currently, Pump Fun has generated a total fee revenue of 1,307,966 SOL, valued at approximately $315 million.

Since it began selling its accumulated SOL, the platform has offloaded 898,243 SOL, valued at $157 million, according to Lookonchain data.

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