Solana Meme Coin Launch Platform Pump.fun Raises Eyebrows by Selling Over $1M Worth of SOL as Traders Predict a Bottom

The Pump.fun account sold 9,940 SOL, worth $1.3 million, around 20 hours ago. In total, it has sold 274,313 SOL, worth $42.9 million

Popular Solana (CRYPTO: SOL) meme coin launch platform pump.fun raised eyebrows on Friday by selling over seven figures worth of SOL as traders anticipate promising price action on the horizon.

Pump.fun account sold 9,940 SOL, valued at $1.3 million, roughly 20 hours ago. In total, it has sold 274,313 SOL, valued at $42.9 million, at an average price of $156.5 out of a total revenue of 712,797 SOL, valued at $95.9 million.

Crypto trader ShardiB2 anticipates a bottom on Solana to form if the cryptocurrency trades above $136.

$SOL gets above $136 and that's a daily bottom confirm today…

have all day

pic.twitter.com/TgB4zn67ad

Trader Altcoin Sherpa noted that Solana is putting in a decent low, seeing “a grind up from here.” The trader notes that it could be a decent swing trade if BTC price action allows for it.

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DefiLlama now reports total value locked in Solana at $4.77 billion, up from $1.42 billion at the beginning of the year. The blockchain boasts 3.38 million active addresses.

In other news, ICO Drops reports the FTX/Alameda Research-associated wallet withdrew 177,693 SOL, valued at $24 million, from staking. This wallet still holds 7.06 million SOL, valued at $954 million in staking.

Next: Altcoins will be covered in depth at Benzinga's upcoming Future of Digital Assets event on Nov. 19.