Latest Sale Pushes Cumulative Total Past $807 Million Pumpfun sold another 84,789 $SOL worth approximately $6.25 million on Aug. 7, according to on-chain analytics platform Lookonchain. The t
Pumpfun sold another 84,789 $SOL worth approximately $6.25 million on Aug. 7, according to on-chain analytics platform Lookonchain. The transaction is the latest in a long series of disposals that have drawn close attention from the Solana community and market watchers alike.
The sale brings Pumpfun's cumulative $SOL liquidations to 4.82 million tokens, with a combined value of roughly $807 million. The average realised price across all sales stands at $167.40 per SOL.
The pattern is well established. A large share of the total has been routed through cryptocurrency exchange Kraken, while a smaller portion has been sold directly on-chain. The platform systematically converts protocol fees rather than holding $SOL, creating a steady source of sell-side supply in the market.
Pumpfun, the memecoin launchpad that helped fuel activity across the Solana ecosystem, is emerging as a drag on the broader network. The project appears to be raising cash through $SOL sales as protocol revenue shrinks amid a slowdown in memecoin trading.
DefiLlama data shows Pumpfun's daily fee revenue has dropped sharply from the start of the year. That declining income stream gives context to the persistent liquidations. The sustained conversion of fee income has sharpened attention on one of the most profitable businesses in the Solana ecosystem and renewed debate over whether memecoin activity, once a major engine of network growth, is now becoming a source of repeated sell-side pressure.
The key question for the remainder of the year is whether Solana's network growth can offset the selling pressure to support $SOL's price recovery.
Sources:Bloomingbit: Pump.fun Becomes Solana Overhang as SOL Selling ContinuesNewsBTC: Pump.fun Sends SOL to Kraken as Memecoin Activity Cools99Bitcoins: Is Pump.Fun Dumping on Solana?
