In a series of transfers, the whale investor going by “Pumpfun” has unloaded Solana ($SOL) in huge quantities, drawing the attention of the crypto community. As per the data from Lookonchain, Pumpfun recently offloaded an additional 36,400 $SOL at a value of nearly $6.77M while moving the remnant $USDC token to Kraken. The on-chain analytics platform revealed this event on its official social media account.
Pumpfun just sold another 36,400 $SOL($6.77M) and transferred the remaining 22.8M $USDC to #Kraken.#Pumpfun has generated total revenue of 1.14M $SOL($212M) and has sold 672,243 $SOL($108M) at an average price of $160.5 so far.https://t.co/aJXtCnH2nq pic.twitter.com/387sKb2S8B
— Lookonchain (@lookonchain) November 6, 2024
Pumpfun Continues Offloading $SOL in a Strategic Move
Lookonchain mentioned that Pumpfun’s sales signify the continuation of the recent sell-off phase of Pumpfun. It has reportedly made huge profits from the $SOL token holdings. Up till now, the whale investor has gathered a cumulative revenue comprising 1.14M $SOL with a value of $212M. Additionally, the investor has offloaded 672,243 $SOL (nearly $108M) at $160.50 as an average price per token. This signals a sophisticated, potentially strategic move to offload assets when they reach peak values.
The recent activities of Pumpfun have ignited debate across the crypto community. Keeping that in view, the analysts speculate on the possible motives at the back of these big-scale liquidations. A few believe the whale’s potential intention to capitalize on the latest price rallies. However, others consider this move as an endeavor to exit positions during the market uncertainty. The price of Solana has been substantially volatile throughout the recent months. Thus, such enormous sell-offs can likely impact the market dynamics. This could put downward pressure on the asset’s prices amid the increasing liquidity and growing interest.
The transaction of $22.8M in $USDC tokens to Kraken signals a potential interest in exchanging these assets for fiat currency or stablecoins. This leads to additional speculation regarding investor’s potential interest in diversification away from Solana. As per another possibility, the whale investor may be readying for additional investments.
The Event to Potentially Influence the $SOL Market
According to Lookonchain’s data, the moves of Pumpfun underscore the whale activity’s likely effect on $SOL’s market. For Solana investors, the sales of Pumpfun indicate the requirement to closely observe whale movements. With the continuous evolution of the crypto market, the influence of Pumpfun and other significant players remains a dominant factor in investor sentiment and price trends.
