🚨 The most profitable Solana project—and also one of the biggest SOL sellers?
According to on-chain analyst Ember, Pump.fun transferred 64,666 SOL (about $5.19 million) to Kraken at around 4:30 this morning. The funds were classified as fee revenue.
📊 Key figures:
• Since the start of 2024, it has sold a total of about 5.692 million SOL
• Worth about $898 million, at an average price of about $157.8
• Another 76,111 SOL (about $6.85 million) was transferred to Kraken on 11/6
• SOL is now around $80, far below its average selling price
🧠 My take:
A deposit to an exchange ≠ a sale—that distinction matters. But for a platform that earns SOL from meme coin fees, regularly converting it to dollars is a normal operating expense. The real signal is that, in a market with a Fear Index of 13, the ecosystem’s most profitable players are continuing to cash out rather than accumulate.
A single $5.19 million transaction has limited impact on SOL, but sustained selling pressure combined with ETF outflows could make a rebound more difficult.
What do you think: is this normal profit-taking by a project, or an implicit bearish signal for SOL? Share your thoughts in the comments 👇
$SOL $BTC
#Solana #Pumpfun #On-chainData
Personal opinion only; not investment advice
According to on-chain analyst Ember, Pump.fun transferred 64,666 SOL (about $5.19 million) to Kraken at around 4:30 this morning. The funds were classified as fee revenue.
📊 Key figures:
• Since the start of 2024, it has sold a total of about 5.692 million SOL
• Worth about $898 million, at an average price of about $157.8
• Another 76,111 SOL (about $6.85 million) was transferred to Kraken on 11/6
• SOL is now around $80, far below its average selling price
🧠 My take:
A deposit to an exchange ≠ a sale—that distinction matters. But for a platform that earns SOL from meme coin fees, regularly converting it to dollars is a normal operating expense. The real signal is that, in a market with a Fear Index of 13, the ecosystem’s most profitable players are continuing to cash out rather than accumulate.
A single $5.19 million transaction has limited impact on SOL, but sustained selling pressure combined with ETF outflows could make a rebound more difficult.
What do you think: is this normal profit-taking by a project, or an implicit bearish signal for SOL? Share your thoughts in the comments 👇
$SOL $BTC
#Solana #Pumpfun #On-chainData
Personal opinion only; not investment advice
