The post Pumpfun Sells Another $6.77M SOL Holdings As Solana Price Surges 10% appeared on BitcoinEthereumNews.com.

Pumpfun, a platform for Solana-based memecoins, has sold 36,400 SOL tokens worth approximately $6.77 million in its latest transaction. This move comes as the Solana (SOL) token has seen a 10% price increase over the past 24 hours. The surge in SOL’s price follows renewed optimism around the possibility of an exchange-traded fund (ETF) approval under the incoming administration in the United States. Pumpfun Sells Another $6.77M SOL Holdings In addition to the recent SOL sale, Pumpfun has transferred the remaining $22.8 million in USD Coin (USDC) from its holdings to Kraken, one of the world’s largest cryptocurrency exchanges. This follows an earlier deposit of 90,000 SOL, valued at about $14.97 million, into Kraken. By channeling assets to a high-liquidity exchange, Pumpfun aims to ensure smoother trading conditions for its users. These steps align with the platform’s broader goal of enhancing liquidity for its memecoin offerings on major exchanges. By moving assets to Kraken, Pumpfun is positioning itself to support more flexible and accessible trading options, which could be advantageous for its user base amid the recent market rally in Solana. Cumulative SOL Sales Reach $108 Million Since its inception, Pumpfun has generated considerable revenue from SOL sales. To date, the platform has sold 672,243 SOL tokens, amounting to $108 million, at an average price of $160.5 per token. This total forms part of the 1.14 million SOL ($212 million) in revenue that Pumpfun has generated, underscoring its substantial impact on Solana’s market liquidity. The latest sale, alongside the previous deposit on Kraken, suggests Pumpfun is actively managing its SOL holdings to maintain liquidity and meet the rising demand in the market. This ongoing pattern of strategic sales and deposits highlights Pumpfun’s cautious approach to sustaining trading momentum on its platform, especially as market conditions shift. By leveraging Kraken, Pumpfun…

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Filed under: News - @ November 7, 2024 1:25 am