Pump.Fun Dumps Fresh 9,940 Solana Amid Market Rebound

Pump.Fun continued its selling spree on Wednesday, sending $1.33 million in Solana to Kraken for sales.

The fee account of popular Solana-based memecoin launchpad Pump.Fun has sold some of its fee revenue. Data from Lookonchain shows that the protocol sent 9,940 SOL ($1.33 million) to American crypto exchange Kraken by 14.55 (UTC) on Wednesday.

The transaction saw Pump.Fun’s sales tally hit 274,311 SOL ($42.93 million), about 38% of the total revenue the platform has realized. According to Dune’s data, Pump.Fun has raised 712,797 SOL ($95.87 million) in fees since its inception in January.

Notably, the auction came a few days after Pump.Fun’s last sales. The protocol sold 10,300 SOL ($1.38 million) nine days ago and 11,000 SOL ($1.48 million) 17 days from date. With the Wednesday sales, Pump.Fun has sold its Solana stash at an average price of $156.5.

Solana Resurgent Despite Pump.Fun Slump

The Solana network has shown signs of life despite the lackluster usage of Pump.Fun recently. Pump.Fun’s usage depreciated recently as traction to the protocol dropped following the emergence of major competitors like Tron’s SunPump and Cardano’s Snek.Fun.

During its peak, Pump.Fun contributed immensely to the daily usage of the Solana activity, as data showed Pump.Fun-related transactions trumped those unrelated to the protocol. However, as activities on the memecoin creator dwindled, overall transactions on Solana dropped with it.

However, the Solana network showed a resurgence after breaking a record for the highest number of active users two days ago. Per an earlier report, the Solana network surpassed 5.4 million daily active addresses on Monday. The network beat its own Monday record the following day, hitting 5.5 million on Tuesday.

The impressive activity on the network has been reflected in its price as SOL has rebounded from its ruins. Solana is up 2.4% in the past 24 hours, trading at $134 at the time of writing. The asset is also up almost 1% over the last week, having rebounded from a weekly low of $121 on September 6.

Solana is poised to continue this upward trajectory amidst bullish sentiments on its upcoming Breakpoint event. The Crypto Basic reported recently that analyst MartyParty predicted Solana could surge to $215.46 before the September 20 event.

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