Memecoin launchpad Pump.fun has sold more Solana tokens as prices decline amid widespread selling across the market.

Pump.fun’s selling comes as the price of Solana (SOL) struggled alongside the broader market, which had Bitcoin (BTC) trading below $58,000 again.

Pump.fun sells 10.3k SOL

On Sept. 3, Lookonchain shared details revealing that the Pump.fun Fee Account had sold 10,300 SOL tokens. The platform offloaded the tokens at an average price of $134.46, netting $1.38 million. This brings Pump.fun’s total sales to 264,373 SOL, amounting to approximately $41.64 million at an average of $157.5 per token.

The https://t.co/DrKlYnPPqY Fee Account sold 10,300 $SOL($1.38M) at $134.46 again 40 mins ago!https://t.co/DrKlYnPPqY has sold 264,373 $SOL($41.64M) at an average price of $157.5.https://t.co/dZDKPfB4vU pic.twitter.com/mRLYK100zl

— Lookonchain (@lookonchain) September 3, 2024

On-chain data shows that Pump.fun currently holds 303,852 SOL, worth over $39.6 million, in its Fee Account.

The project also holds 41 other crypto tokens, totaling more than $45.2 million. That’s over $84.8 million in total, a significant revenue for a platform that became the fastest crypto company to generate $100 million in revenue.

Read more: Pump.fun hits $100m revenue, but users criticize unsustainable model

Activity shrinks amid competition

Pump.fun launched in January 2024 and quickly rose to prominence as the most popular meme coin launchpad. Its dominance led Solana to surpass Ethereum (ETH) in meme coin activity, with tokens such as Mother Iggy exploding upon launch. Pump.fun itself raced to the $30 million revenue milestone in June this year.

However, amid fresh competition from SunPump, a meme coin launchpad on Tron (TRX), volume and activity have shrunk significantly. Most tokens have struggled to gain traction, and those that did attract significant volumes have plummeted amid the broader memecoin sell-off.

The platform has also seen only a marginal number of users turn profits, with just 1% of wallets registering a profit of $1,000 or higher.

Read more: Only 0.76% of pump.fun wallets made $1,000 or more: CN research