Pump.fun continues to sell Solana (SOL): The decline may continue!

Memecoin production platform Pump.fun has added a new one to its Solana (SOL) sales.

The attention in the cryptocurrency market has turned to the Solana (SOL) sales of memecoin production platform Pump.fun. The fact that there is still $47 million worth of SOL in the platform’s associated crypto wallet indicates that the selling pressure on the market may continue. According to a statement made by onchain analysis company Lookonchain on October 22, a wallet associated with Pump.fun sold 40,000 SOL worth $6.6 million.

“Pump.fun wallet sold 40,000 SOL ($6.68 million) 5 hours ago. The platform has sold a total of 969,945 SOL ($162 million) to date and sold 503,343 SOL ($78.7 million) at an average of $156.4.”

It is stated that these sales are considered as whale intervention in the market. Whales can cause sudden changes in market prices with their sales. Investors are trying to make predictions about possible volatility by closely monitoring whale movements.

Pump.fun’s $SOL sales have lowered the token price. As of September 4, the platform has sold SOL tokens worth $41 million at an average of $157.5. During this period, Solana’s price fell by 12 percent to $128.

According to Solscan data, the platform still has $47.9 million worth of Solan in its wallet. Therefore, it raises the possibility of creating more selling pressure on the pair.

However, the continuation of the memecoin craze at full speed gives hope for both the price and the ecosystem. The fact that memecoin hunters mostly prefer the Solana network keeps the $SOL price strong. This situation may reverse as different trends come to the fore.

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