Pump.fun sells 10,300 SOL worth $1.38m

Memecoin launchpad Pump.fun has sold more Solana tokens as prices drop amid widespread sell-offs in the market.

Pump.fun’s sell-off comes as the price of Solana (SOL) has struggled in the broader market, with Bitcoin (BTC) falling below $58,000 again.

Pump.fun sells 10.3k SOL

On September 3, Lookonchain shared details revealing that the Pump.fun Fee Account sold 10,300 SOL tokens. The platform sold the tokens at an average price of $134.46, earning $1.38 million. This brings Pump.fun’s total sales to 264,373 SOL, reaching approximately $41.64 million at an average price of $157.5 per token.

On-chain data shows that Pump.fun currently holds 303,852 SOL worth over $39.6 million in its Fee Account.

The project also hosts 41 other crypto tokens, with a total value of over $45.2 million. This equates to a total revenue of over $84.8 million, a significant revenue for a platform that has become the fastest crypto company to reach $100 million in revenue.

Activity is shrinking due to competition

Pump.fun launched in January 2024 and quickly emerged as the most popular meme coin launch platform. Its dominance led Solana to surpass Ethereum (ETH) in meme coin activity, with tokens like Mother Iggy exploding at launch. Pump.fun itself reached the $30 million revenue milestone in June of this year.

However, amid new competition from SunPump, a meme coin launch platform on Tron (TRX), volume and activity have slowed significantly. Most tokens have struggled to gain traction, and those that did attract significant volumes have fallen amid the broader memecoin sell-off.

The platform also saw only a limited number of users making profits, with only 1% of wallets making $1,000 or more in profit.