The Solana-based memecoin launchpad Pump.fun, which has recently had a meteoric rise in the meme coin sector, currently finds itself in the spotlight of a massive sell-off of SOL.
Lookonchain, a blockchain analytics platform, provided data, according to which Pump.fun sold about 4.1 million SOL tokens, or about 741 million, since May 19, 2024. It was reported that the average selling price of the tokens was roughly $180.
The operations comprise an outstanding exchange of 264,373 SOL at $41.64 million in USDC, at a rate of 158. Also, 3.84 million SOL, or $699 million, had been sent to the centralized exchange Kraken on average at a price of $182.
Visual Insights Show Strategic Exit Points
One chart on Lookonchain also depicts several large-scale sell transactions between May 2024 to mid-June 2025, where red markings represent the sales of 289,044 SOL, 188,000 SOL, and even 679,586 SOL at different price points
In a related turn, the social media outlet X (previously known as Twitter) blocked the official accounts of Pump.fun and its co-founder, Alon Cohen. The causes of suspension are not given, and X shows its usual message: “X suspends accounts that are in violation of the X Rules.”
The ban seems to be a part of an even greater crackdown that led to the disabling or suspension of several accounts focused on cryptocurrencies and related content, but X has not yet released any official statement explaining the reason behind that crackdown.
Community Reaction and Market Impact
The cryptocurrency community has responded quickly, and there is speculation about where Pump.fun is headed and the reason behind the extensive token liquidation. It is not clear yet whether these moves indicate a departure, a shuffle in the house, or a reorganization of strategic assets.
In the meantime, the price of SOL seems to be taking the shock without going extremes in terms of volatility, which shows how solid the market demand for Solana is.
