This week is far from easy for the platform Pump.fun. Actually, The live streaming feature is out of control generating lunar and in some cases dangerous situations. As if that were not enough, the developers of the platform could well sell hundreds of thousands of SOLmuch to the dismay of users.
- Pump.fun has had a chaotic week with the Live Stream feature spinning out of control and causing some disturbing situations.
- The community is in an uproar over Pump.fun’s massive sale of SOL, totaling $180 million, and is concerned about the potential impact on the token’s price.
Pump.fun is getting rid of their SOL massively
Since its launch last January, the platform Pump.fun has become the foundation of the Solana ecosystem. In practice, it allows anyone launch your own token in a few clicks.
It was she who accelerated the growth of memecoins on Solana. The platform, for its part, applies fees for the tokens created and the trading that takes place on its platform.
Overall since its inception Pump.fun earned 1.4 million SOL in feesor thereabouts 345 million dollars at the current price.
However, it seems that the developers do not want to keep these profits. On November 26, Lookonchain teams actually detected a massive transfer from Pump.fun.
In practice, the platform has carried over 99,999 SOL on the Kraken exchange. This equates to approximately $22 million in SOL that Pump.fun has sold in the public markets.
Still according to Lookonchain, Pump.fun has passed 998,242 SOL on Kraken since launchwhich is equivalent to 180 million dollars at an average price of $180 per SOL.
A situation that worries the community
Clearly, these repeat sales are a cause for concern in the community. Really, the community is concerned that these massive salesin addition, in the public markets, they negatively affect the price of the SOL token.
Alon, the pseudonymous developer of Pump.fun, defended himself by saying it was misinformation.
“You are spreading misinformation. Did you know that you can list assets without wanting to sell them? ยป
AND an answer that doesn’t seem to sit well with the communitywho did not fail to let it be known in the comments. Many people see no other way than to resell the tokens that Pump.fun sent to Kraken.
Regardless, the inner workings inside the Kraken are not public. As a result, we will likely never have proof of whether Pump.fun actually sold his SOL or not.
For its part, the network Solana continues to set records. After breaking a record for activity, the network saw over $116 billion in trade volume across its various DEXs.
