Solana

ETF COIN

Solana’s price was resilient despite continued selling pressure from the memecoin launch platform Pump.fun.
The fee account associated with Pump.fun sold over $6.6 million worth of Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="null">SOL</a>) tokens on Oct. 22.
This still leaves Pump.fun with a significant amount of Solana holdings, according to onchain intelligence firm Lookonchain’s Oct. 22 X <a href="https://x.com/lookonchain/status/1848537919612432557" rel="noopener noreferrer nofollow" target="null">post</a>, which wrote:
<blockquote>
 “The Pump.fun Fee Account sold 40,000 SOL ($6.68M) again 5 hours ago! Pump.fun has generated total revenue of 969,945 SOL ($162M) and has sold 503,343 SOL ($78.7M) at an average price of $156.4 so far.”
</blockquote>
<figure>
 <img alt="Solana price unfazed by Pump.fun $6.6M sale; $47M SOL remaining" src="https://s3.cointelegraph.com/uploads/2024-10/0192b404-6afa-70d5-9e6a-b7c54b01ac40" title="">
 <figcaption style="text-align: center;">
 Pump.fun sells $6.6 million SOL. Source: Lookonchain
 </figcaption>
</figure>
Despite the sales, Solana’s price was up over 9.3% on the weekly chart. The world’s fifth-largest cryptocurrency rose 0.8% in the 24 hours leading up to 11:18 am UTC to trade at $165.8, according to Cointelegraph data.
<figure>
 <img alt="Solana price unfazed by Pump.fun $6.6M sale; $47M SOL remaining" src="https://s3.cointelegraph.com/uploads/2024-10/0192b404-ae19-7578-8295-73e6ab78b405" title="">
 <figcaption style="text-align: center;">
 SOL/USD, 1-month chart. Source: Cointelegraph
 </figcaption>
</figure>
Whales, or large crypto-holding entities, can significantly impact a cryptocurrency’s price action due to the high amount of market-moving capital. Traders often follow whale selling patterns for cues on a cryptocurrency’s short-term price trajectory.
Related: <a href="https://cointelegraph.com/news/tether-usdt-record-120-b-market-cap-uptober-signal" rel="noopener noreferrer nofollow" target="null">Tether’s USDT hits record $120B market cap, flashing ‘Uptober’ signal</a>
<h2 id="is-pump-fun-pressuring-solana-s-price">Is Pump.fun pressuring Solana’s price?</h2>
Continued SOL selling from the fee account associated with Pump.fun may be pressuring the price.
In the week leading up to Sept. 4, Solana’s price fell over 12% to $128 shortly after <a href="https://cointelegraph.com/news/solana-price-decline-pumpfun-selling-sol" rel="noopener noreferrer nofollow" target="null">Pump.fun sold $41 million</a> in SOL tokens at an average price of $157.5 per token.&nbsp;
<figure>
 <img alt="Solana price unfazed by Pump.fun $6.6M sale; $47M SOL remaining" src="https://s3.cointelegraph.com/uploads/2024-10/0192b405-0ae4-7278-9f6c-0d105a7c9de9" title="">
 <figcaption style="text-align: center;">
 Pump.fun fee account. Source: Solscan
 </figcaption>
</figure>
The memecoin launch platform could introduce more selling pressure, considering that its fee account holds another $47.9 million worth of Solana tokens, Solscan <a href="https://solscan.io/account/CebN5WGQ4jvEPvsVU4EoHEpgzq1VV7AbicfhtW4xC9iM#transfers" rel="noopener noreferrer nofollow" target="null">data</a> shows.<iframe width="100%" height="315" src="https://www.youtube.com/embed/85WnIuT0Dro" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
Solana To $1,000?! You Can’t Ignore These SOL Updates! Source: YouTube
Related: <a href="https://cointelegraph.com/news/monero-transactions-japanese-authorities-arrest-18-scammers" rel="noopener noreferrer nofollow" target="null">Japanese authorities trace Monero, arrest 18 in $670K laundering case</a>
<h2 id="are-memecoins-a-net-positive-for-the-sol-price">Are memecoins a net positive for the SOL price?</h2>
The current memecoin craze on Solana could be pressuring the price of SOL.
According to crypto trader and podcast host Luke Martin, the Solana token’s rally turned into a crab walk when users started mass-launching meme tokens on Pump.fun.
The trader <a href="https://x.com/VentureCoinist/status/1831095546846630078/photo/1" rel="noopener noreferrer nofollow" target="null">wrote</a> in a Sept. 4 X post:
<blockquote>
 “When you overlay Pump.fun launches on top of the Solana price chart. $SOL stopped going up almost exactly when people started launching tons of memecoins.”
</blockquote>
<figure>
 <img alt="Solana price unfazed by Pump.fun $6.6M sale; $47M SOL remaining" src="https://s3.cointelegraph.com/uploads/2024-10/0192b406-3593-7a3d-acad-61312d81e08c" title="">
 <figcaption style="text-align: center;">
 SOL price and Pump.fun memecoin launches. Source: Luke Martin
 </figcaption>
</figure>
Still, anticipation around a potential Solana-based exchange-traded fund is growing, presenting the next potential price catalyst for SOL. <a href="https://cointelegraph.com/news/brazil-first-spot-solana-etf-launch" rel="noopener noreferrer nofollow" target="null">Brazil’s first Solana ETF</a> was approved on Aug. 7, setting a precedent for other global jurisdictions.
Magazine: <a href="https://cointelegraph.com/magazine/vaneck-files-for-solana-etf-ether-supply-inflates-hodlers-digest-june-23-29/" rel="noopener noreferrer nofollow" target="null">VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23-29</a>

Solana price unfazed by Pump.fun $6.6M sale; $47M SOL remaining

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