Pump.fun Dumps $741M in $SOL Amid Legal Crackdown

On May 19, 2024, Pump.fun made headlines by selling approximately 4.1 million SOL, valued at over $741 million, amidst increasing legal scrutiny and a court-ordered suspension of its X (previously Twitter) account. The timing and volume of the sell-off have sparked speculations about the platform’s motives and strategies under legal pressure.

Key Insights:

• Pump.fun sold 4.1 million $SOL, averaging $180 since May.
• 3.84 million $SOL were moved to Kraken at $182 per token.
• Legal tensions escalate as the X account faces suspension by the court.

Initially, Pump.fun sold 264,373 SOL for $41.64 million at an average price of $158, hinting at a potential shift in strategy. The tokens were either liquidated for stablecoins or transferred to exchanges, raising questions about the platform’s future moves.

Stay updated with the latest developments in the crypto market. Visit The Market Periodical for more insights and news.

Sam Boolman | Crypto Enthusiast and Writer

Sam Boolman is a contributing writer at ChainIntel.org with a long-standing interest in cryptocurrency, blockchain technology, and emerging financial trends. A self-directed trader who actively invests his own capital, Sam follows the markets closely and brings a hands-on perspective to the fast-paced world of crypto journalism. With a background in business and digital media, Sam has written across a variety of sectors including tech, startups, and online finance. His curiosity and enthusiasm for the evolving digital economy fuel his exploration of Web3, decentralised finance, and market developments. Sam is passionate about making complex topics more accessible to everyday readers and continues to expand his knowledge through research, trading experience, and industry engagement.

See Full Bio