Coinworld.net reports:
In recent weeks, Pump.fun, a popular platform for launching meme coins based on Solana, has been selling a large amount of SOL.
According to the latest survey by Lookonchain, Pump.fun’s fee account sold 40,000 SOL worth about $6.68 million on October 2. This sale has sparked speculation about its broader market impact. Shortly after the development, the price of SOL briefly dropped to $163 and then rose to $166 at the time of the news release.
Pump.fun’s $6.68 million in sales
Lookonchain
revealed
So far, Pump.fun has generated a total revenue of 969,945 SOL, worth about $162 million. This figure is derived from the sale of 503,343 SOL at an average price of $156.4, worth $78.7 million. This makes Pump.fun one of the most profitable protocols this year, leveraging the trend of meme coins and generating substantial income through its fee structure within the Solana ecosystem.
Since its launch in January, Pump.fun has generated over 2.5 million Solana tokens. In the process, the platform has successfully accumulated $140 million in fees. In a recent Twitter Spaces event, the team introduced a trading bot and hinted at a potential token airdrop following their most successful week. They also teased Pump Advanced, a trading terminal aimed at competing with popular tools like Photon and Bull X.
When weighing the upcoming token launch and potential airdrop, one of the project’s anonymous co-founders, Sapijiju, said, “We definitely plan to launch a token at some point. I won’t say when that will happen. Our airdrop, no guarantees here, could be more profitable than anyone else in this space.”
Pump.fun’s dual struggle: insider exploitation; threat from Tron-based platforms
Initially, Pump.fun charged users 7 SOL, valued at $7, for token creation. However, in August, they waived this fee and introduced incentives for developers. Now, developers who create successful tokens—those that reach a certain market value—will receive a reward of 0.5 SOL. This measure has contributed to Pump.fun’s explosive growth.
The Solana-based platform is also behind some of this year’s most popular meme coins, such as Moo Deng (MOODENG).
Despite its success, Pump.fun faced a major setback in May when a former employee exploited their “withdrawal rights” and embezzled approximately 12,300 SOL, valued at around $1.9 million at the time. Another setback occurred after competition from Tron-based SunPump, resulting in a decline in the number of token deployments, although the numbers have since rebounded.
