Pump.fun Liquidates Over $313M in SOL Holdings: Impact on Solana Network

The post Pump.fun Liquidates Over $313M in SOL Holdings: Impact on Solana Network appeared first on Coinpedia Fintech News

Leading Solana (SOL)-based memecoin launch platform Pump.fun has continued to liquidate its fee collection. After collecting more than 1.3 million SOLs, worth over $313 million at the current market price, Pump.fun has continued to take profit on its holdings.

According to on-chain data analysis, pump.fun deposited around 105k SOLs, worth over $25 million, to the Kraken exchange in the past 24 hours. The platform has been making headlines in the recent past for its continued sales of Solana holdings. Moreover, Pump.fun has so far deposited over 898k SOLs, worth more than $149 million, to different exchanges in the recent past for liquidations. 

The continued sales, which could be a means to cash out or a liquidity flex, will have a significant ripple effect across the market. 

Impact of Pump.fun on Solana Network

As Coinpedia previously reported, the Solana network has continued to dominate the DeFi trading market. The impact of the pump.fun platform cannot be underestimated, as the memecoin market on the Solana ecosystem has grown to more than $22 billion and a daily average traded volume of over $9.2 billion in the past 24 hours.

According to market data from Dune analytics, 47,806 tokens launched on Pump.fun in the past 24 hours, with 791 being listed on Raydium DEX. Consequently, Solana’s DEX volume has continued to grow exponentially in the recent past and has already surpassed Ethereum’s.

Interestingly, Solana’s weekly DEX volume rallied to a new all-time high of over $41 billion, thus surpassing Ethereum and all its Layer 2s combined. 

Market Picture

After an impressive bullish breakout in the past two weeks, Solana price is currently retesting its all-time high. The weekly Relative Strength Index (RSI) is currently attempting to rally beyond the 70 percent level for the first time since April, this year.

With the ongoing crypto cash rotation, which is favoring large-cap altcoins as Bitcoin price approaches $100k, Solana is well poised to rally exponentially towards its price discovery phase.