On-chain analytics platform Lookonchain has supplied insights into what could have contributed to the Solana value crash since October. The platform revealed that meme coin launchpad Pump.enjoyable has bought a big quantity of SOL, cashing out virtually $500 million because the begin of October.
Pump.enjoyable Allegedly Dumps SOL Amid Solana Worth Crash
In an X put up, Lookonchain steered that Pump.enjoyable has been promoting SOL, as it seems that the meme coin launchpad has cashed out a minimum of 436.5 million USDC since October 15. The on-chain analytics platform additionally said that since October 15, the meme coin launchpad has deposited 436.5 million USDC into Kraken.
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Moreover, Lookonchain revealed that between Could 19, 2024, and August 12, 2025, Pump.enjoyable bought a complete of 4.19 million SOL ($757 million) at a median value of $181. Of that quantity, 264,373 SOL was bought on-chain for $41.64 million, whereas 3.93 million SOL ($715.5 million) was deposited into Kraken. Pump.enjoyable’s SOL gross sales are recognized to place vital promoting stress on the Solana value, thereby contributing to its crash.
Notably, the Solana value has recorded one of many largest losses throughout this current crypto market downtrend. SOL crashed from a excessive of round $220 in October to a low of $120 this month. This has occurred regardless of the launch of six spot Solana ETFs throughout this era. Bitwise, Grayscale, Constancy, 21Shares, VanEck, and Canary have all launched their SOL funds and have recorded notable flows since launch.
SoSo Worth information exhibits that these funds have recorded cumulative web inflows of $568.24 million since their respective listings. Regardless of this, the Solana value has been in a downtrend amid vital promoting stress from SOL whales. Due to the crash, SOL is now down over 28% year-to-date (YTD). The altcoin can also be down over 28% within the final 30 days.
Pump.enjoyable Denies Latest SOL Gross sales
A Pump.enjoyable spokesperson, Sapijiju, has indicated that they haven’t bought any SOL not too long ago and haven’t contributed to the Solana value crash. In an X put up, he described Lookonchain’s put up as full misinformation, as they haven’t cashed any sum. He claimed they weren’t concerned within the transactions between Kraken and Circle that the on-chain analytics platform referenced.
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Lookonchain had claimed that in the identical interval, Pump.enjoyable allegedly cashed out 436.5 million USDC, 537.6 million USDC was despatched from Kraken to Circle. In the meantime, concerning the 436.5 million USDC, Sapijiju said that what is going on is a part of their treasury administration, with the USDC a part of funds from the PUMP ICO, and with plans to reinvest the sum into the enterprise.
On the time of writing, the Solana value is buying and selling at round $138, up virtually 4% within the final 24 hours, in keeping with information from CoinMarketCap.
Featured picture from Freepik, chart from Tradingview.com