Solana-based Pump.fun sells 40,000 SOL worth $6.68 million in latest transaction: data

In the past few weeks, Pump.fun, the popular Solana-based platform for releasing meme coins, has been consistently selling high volumes of SOL.

According to Lookonchain’s latest findings, the Pump.fun commission account sold an additional 40,000 SOL, worth about $6.68 million, on October 2nd. The sale has prompted speculation about its wider impact on the market. Shortly after the development, the price of SOL briefly faced a low of $163 before climbing back to the press price of $166.

$6.68 million sale of Pump.fun

Lookonchain revealed that Pump.fun has so far generated a total revenue of 969,945 SOL, which is worth about $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 the Solana ecosystem to generate significant revenue through its fee structure.

Since its launch in January, Pump.fun has generated more than 2.5 million Solana tokens. In the process, the platform has managed to rack up $140 million in commissions. During a recent Twitter Spaces event, the team unveiled a trading bot and hinted at the release of a token with a possible launch after their most successful week. They also teased Pump Advanced, a commercial terminal designed to compete with popular tools like Photon and Bull X.

Weighing in on the upcoming token launch and a possible air launch, Sapijiju, one of the pseudonymous co-founders of the project, said:

“We’re definitely planning to launch a token at some point in the future. I’m not going to say when all that will come. Our air launch, no guarantees here, will probably be much more lucrative than anyone else in space.”

Pump.fun Double Fight: Internal Exploitation; Threat based on Tron

Pump.fun initially charged users $7 SOL for token creation, but in August they removed that fee and introduced a developer incentive. Developers who create successful tokens, those who reach a certain market cap, are now rewarded with 0.5 SOL. This move has helped 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 took advantage of his position to gain access to “remove authority,” misappropriating about 12,300 SOL, roughly 1.9 million dollars at the time. Another setback occurred when token deployment numbers dropped following competition from Tron-based SunPump, though numbers have since recovered.

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