Outside Source
In recent weeks, Pump.fun, the popular Solana-based platform for launching meme coins, has been consistently selling large volumes of SOL.
According to the latest findings by Lookonchain, the Fee Account of Pump.fun, sold an additional 40,000 SOL, worth around $6.68 million, on October 2nd. The sale has prompted speculation about its broader market impact. Shortly after the development, SOL’s price briefly faced a drawdown to $163 before climbing back up to the press time price of $166.
Pump.fun’s $6.68 Million Sale
Lookonchain revealed that Pump.fun has generated a total revenue of 969,945 SOL so far, which is worth around $162 million. This figure comes after selling 503,343 SOL, valued at $78.7 million, at an average price of $156.4. This positioned Pump.fun as one of the most profitable protocols of the year, capitalizing on the meme coin trend and leveraging Solana’s ecosystem to drive significant revenue through its fee structure.
Since its launch in January, Pump.fun has generated over 2.5 million Solana tokens. In the process, the platform has managed to amass $140 million in fees. During a recent Twitter Spaces event, the team unveiled a trading bot and hinted at launching a token with a possible airdrop following their most successful week. They also teased Pump Advanced, a trading terminal designed to compete with popular tools like Photon and Bull X.
Weighing on the upcoming token launch and a potential airdrop, Sapijiju, one of the project’s pseudonymous co-founders, said,
“We are definitely planning on launching a token at some point in the future. I’m not going to say when that’s all to come. Our airdrop, no guarantees here, will probably be a lot more lucrative than anyone else in the space.”
Pump.fun’s Dual Struggle: Insider Exploit; Tron-Based Threat
Initially, Pump.fun charged users $7 worth of SOL for token creation, but in August, they removed this fee and introduced an incentive for developers. Now, developers who create successful tokens – those that achieve a certain market cap – are rewarded with 0.5 SOL. This measure has aided in Pump.fun’s explosive growth.
The Solana-based platform is also behind some of the most popular meme coins of the year, such as Moo Deng (MOODENG).
Despite its success, Pump.fun faced a major setback in May when a former employee exploited their position to gain access to “withdraw authority,” misappropriating around 12,300 SOL, approximately $1.9 million at the time. Another setback occurred when token deployment numbers dropped after competition from Tron-based SunPump, though figures have since rebounded.
This article first appeared at CryptoPotato
