Solana (SOL)-Based Memecoin-Launch Platform Pump.fun Has Generated $162M in Total Revenue

Looking into its liquidation history, we discovered that Pump.fun sold 9,940 SOL ($1.33 million) in September

Solana (SOL)-based Memecoin-launch platform Pump.fun has generated total revenue of 969,945 SOL ($162M), with about 50% (503,343 SOL) being sold at an average price of $156. Its latest SOL sales, as per Lookonchain data analyzed by CNF, were on October 22 when $6.6 million worth of the token was liquidated. These transactions were executed on the Kraken exchange, based on our research.

In September, Pump.fun sold 9,940 SOL ($1.33 million), bringing its total sales at that time to 274,311 SOL. This amount was part of the total fee earnings of 712,797 SOL ($95.87 million) generated by mid-September, according to our research.

Meanwhile, Odaily data discloses that the platform’s addresses have reached 85,000, with 37,000 being new wallets. Also, about 2.5 million tokens have gone through the platform since it launched in March.

Impact of Pump.fun’s Liquidation and Other Factors on Solana’s (SOL) Price

On September 4, the price of SOL decreased by 12% to trade at $128 as Pump.fun sold $41 million worth of the asset at an average price of $157.5 per coin. According to Solscan, the fee account still holds $47.9 million worth of SOL, which could be sold at a later stage to introduce more selling pressure.

Furthermore, we have observed that the scheduled release of SOL has served as a massive headwind to the asset’s upward momentum. Our investigation reveals that around 524,030 SOL tokens (>$88.46 million) are set to enter circulation. Within this period, SOL price encountered a decline of 6% in its value.

Also, whales have contributed to the recent price decreases. For instance, on October 21, a major whale sold 22,726 SOL ($3.86 million). Data shows that this particular whale has been consistently purchasing the dip and selling at a higher price. However, he still has 20,000 SOL ($3.33 million) left in his wallet.

According to crypto trader Luke Martin, Solana's potential rally was reduced to a “crab walk” as Pump.fun users began a mass launch of meme coins on the platform. However, other analysts believe that SOL would recover in just a few weeks as it did in the previous liquidations.

When you overlay Pump.fun launches on top of the Solana price chart. $SOL stopped going up almost exactly when people started launching tons of meme coins.

Despite this, SOL has shown serious resilience as it still retains a 6.5% gain on its weekly chart. At the current price of $165, our data shows that the asset has a positive Return on Investment (ROI) of 75,153%.