🤑 SOLana’s Wild Ride: Who’s Dumping and Why? 🤡

Well, bless my stars and garters, the Solana saga continues, and it’s a doozy! 🌪️ According to the folks over at Lookonchain-those digital detectives with their noses in every blockchain-the Solana price has been taking a nosedive since October, and they’ve got a culprit in their sights: Pump.fun. 🤹‍♂️ Yes, the very same meme coin launchpad that’s been cashing out like there’s no tomorrow, to the tune of nearly $500 million in SOL since the leaves started falling. 🍂💸

Pump.fun: The Great SOL Escape Artist? 🎪

In a post that’s got more twists than a Mississippi riverboat, Lookonchain claims Pump.fun has been dumping SOL like it’s hot, cashing out at least 436.5 million USDC since October 15. 🧐 And where’s all that loot going? Straight into Kraken’s coffers, of course. 🐙 Now, I don’t know about you, but when I hear “Kraken,” I think of sea monsters, not financial institutions. But hey, to each their own.

But wait, there’s more! Between May 19, 2024, and August 12, 2025 (yes, you read that right-the future, folks!), Pump.fun allegedly sold 4.19 million SOL for a cool $757 million. 🤑 Of that, 264,373 SOL was sold on-chain for $41.64 million, while the rest-a whopping 3.93 million SOL ($715.5 million)-was deposited into Kraken. Now, I’m no math whiz, but that’s enough to make a man reconsider his life choices. Or at least his crypto portfolio.

Naturally, all this selling has put the kind of pressure on Solana’s price that a riverboat gambler feels when he’s all in on a losing hand. 🎲 SOL’s price has plummeted from a high of $220 in October to a low of $120 this month. And this is despite the launch of six-count ’em, six-spot Solana ETFs. Bitwise, Grayscale, Fidelity, 21Shares, VanEck, and Canary have all thrown their hats into the ring, but it seems like Pump.fun’s selling spree is the elephant in the room. Or maybe the whale in the blockchain. 🐋

SoSo Value data shows these ETFs have raked in $568.24 million in net inflows since their launch, but SOL’s price is still singing the blues. 🎶 Thanks to this crash, SOL is down over 28% year-to-date and 28% in the last 30 days. Ouch. 😬

Pump.fun Says, “Not So Fast, Partner!” 🚫

Now, hold on to your hats, because Pump.fun’s spokesperson, the aptly named Sapijiju, has chimed in to say, “Whoa, nelly, that’s a bunch of hogwash!” 🐖 According to him, they haven’t sold any SOL recently and aren’t responsible for the Solana price crash. In an X post, he called Lookonchain’s claims “complete misinformation” and insisted they haven’t cashed out a single dime. He even denied involvement in the transactions between Kraken and Circle that Lookonchain pointed to.

Sapijiju explained that the 436.5 million USDC in question is part of their treasury management, stemming from the PUMP ICO, and they plan to reinvest it into the business. So, it’s not dumping, it’s… strategic reallocation? 🧮 Whatever you call it, the crypto world’s got its popcorn ready. 🍿

As of this writing, Solana’s price is hovering around $138, up almost 4% in the last 24 hours. But will it recover, or is this just a brief intermission in the drama? Only time-and the blockchain-will tell. ⏳

2025-11-25 19:02

Pump.fun: The Great SOL Escape Artist? 🎪

Pump.fun Says, “Not So Fast, Partner!” 🚫

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