Pump.fun Fee Account Continues Dumping SOL
CryptoNewsTerminal Staff03 Sep, 2024
Pump.fun Fee Account Continues Dumping SOL
On-chain data analytics provider Lookonchain has reported that the "Pump.fun Fee Account dumped another 10300 $SOL($1.38M) 40 minutes ago at $134.46. Pump.fun has dumped 264,373 $SOL($41.64M) so far, with an average dumping price of $157.5." This follows a previous report by Lookonchain that the Pump.fun Fee Account had dumped 11.2 million SOL tokens, netting approximately $180 million. The continued dumping of SOL tokens by the Pump.fun Fee Account has raised concerns among some investors about the potential impact on the price of SOL. It is important to note that these dumps are likely part of a planned vesting schedule, and are not necessarily a sign of bearish sentiment towards SOL. However, the large volume of tokens being sold could still put pressure on the price in the short term.
