Pump.fun Allegedly Contributes to Solana Price Decline
- On-chain analytics suggest Pump.fun sold nearly $500 million worth of SOL since October.
- Pump.fun allegedly cashed out at least $436.5 million USDC since October, depositing it into Kraken.
- Between May and August, Pump.fun reportedly sold a total of $757 million in SOL.
- Solana’s price has decreased over 28% year-to-date amid selling pressure from large holders.
The alleged significant sales by Pump.fun have been linked to the recent decline in Solana’s price, with substantial amounts being deposited into Kraken, contributing to market pressure. Despite the downtrend, Solana’s price saw a slight recovery recently.
While Pump.fun denies recent sales, claiming treasury management activities instead, the reported transactions coincide with notable market shifts for Solana. (Source)
