Pump.fun Liquidations: Over $313M SOL Sold, Including $25M to Kraken, Impacting Liquidity

Solana (SOL)-based memecoin launch platform Pump.fun has continued to liquidate its fee collection. After collecting more than 1.3 million SOLs

Solana (SOL)-based memecoin launch platform Pump.fun has continued to liquidate its fee collection after amassing over 1.3 million SOLs, currently valued at over $313 million.

Fresh on-chain data analysis reveals that pump.fun deposited about 105k SOLs, valued at over $25 million, to the Kraken exchange within the past 24 hours. The platform has been making the headlines in recent times for its continuous sales of Solana holdings.

Moreover, Pump.fun has deposited over 898k SOLs, currently valued at over $149 million, to various exchanges for liquidation so far.

The continuous sales, which might be a way to cash out or a liquidity flex, will have a significant ripple effect across the market.

Just In: t.co/QrSDBxAJzF has deposited 105,000 $SOL,

worth $25.28M, into #Kraken.

So far, they have deposited a total of 898,243 $SOL ($149M) at an average price of $165.8.

They have made 1,307,966 $SOL in fees overall.https://t.co/LzXJykNoqB pic.twitter.com/fRsiuK1Omj

Impact of Pump.fun on Solana Network

As Coinpedia reported earlier, the Solana network has continued to dominate the DeFi trading market. The impact of the pump.fun platform cannot be overstated, as the memecoin market on the Solana ecosystem has grown to over $22 billion and a daily average traded volume of over $9.2 billion within 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. As a result, Solana’s DEX volume has continued to grow exponentially in recent times and has already surpassed Ethereum’s.

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

Read Solana price prediction and uncover how Pump.fun’s liquidations and record-breaking DEX volumes could spark an explosive rally!

Market Picture

After an impressive bullish breakout in the past two weeks, Solana’s price is currently retesting its all-time high. The weekly Relative Strength Index (RSI) is currently attempting to rally past 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 poised to rally exponentially towards its price discovery phase.

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