Pump.fun, the memecoin platform, continues to sell large amounts of $SOL despite the ongoing market downturn. Onchain trackers reported that the platform deposited 64,666 $SOL, worth about $5.19 million, into Kraken earlier today. This deposit is part of a regular pattern where Pump.fun converts its fee revenue in $SOL into cash by selling it on exchanges. According to Arkham’s Pump.fun entity page, the platform has sold 5,618,499 $SOL for about $887.6 million at an average price of $158 since early 2024.
The timing of these sales looks favorable in hindsight, as $SOL traded near $75.76 early Saturday, down about 16% over seven days and 74% from its all-time high of $293.31 in January 2025. At today’s price, the 5.62 million $SOL Pump.fun has sold would be worth about $426 million. By selling at an average of $158, the platform locked in more than twice that value.
Pump.fun’s own token, $PUMP, is also under pressure. Onchain analyst EmberCN reported that three wallets belonging to Pump.fun’s team or early investors moved 1.458 billion newly unlocked $PUMP, worth about $5.01 million, to Coinbase Prime. These wallets hold a combined allocation of 70 billion $PUMP that began unlocking in July. The same wallets moved the same monthly amount to Coinbase Prime on October 13, when it was worth about $7.58 million. $PUMP is currently trading near $0.0034, down about 61% from its September 2025 peak.
The crypto market as a whole is going through a rough stretch, with over $330 million in liquidations taking place in less than two hours. Bitcoin fell under $67,000 while $SOL lost $75. Memecoin activity, the engine behind Pump.fun’s fees, has cooled as well. The question for $SOL holders is whether the $75 area holds as support, or whether steady selling from the network’s biggest app keeps pushing it lower.