On-chain analytics platform Lookonchain has provided insights into what may 
have contributed to the Solana price crash since October. The platform 
revealed that meme coin launchpad Pump.fun has sold a significant amount of 
SOL, cashing out almost $500 million since the start of October. Pump.fun 
Allegedly Dumps SOL Amid Solana Price Crash In an X post, Lookonchain 
suggested that Pump.fun has been selling SOL, as it appears that the meme coin 
launchpad has cashed out at least 436.5 million USDC since October 15. The on- 
chain analytics platform also stated that since October 15, the meme coin 
launchpad has deposited 436.5 million USDC into Kraken. Related Reading: 
Forget XRP, DFDV Exec Predicts Solana Price Is Headed For $10,000 Furthermore, 
Lookonchain revealed that between May 19, 2024, and August 12, 2025, Pump.fun 
sold a total of 4.19 million SOL ($757 million) at an average price of $181. 
Of that amount, 264,373 SOL was sold on-chain for $41.64 million, while 3.93 
million SOL ($715.5 million) was deposited into Kraken. Pump.fun’s SOL sales 
are known to put significant selling pressure on the Solana price, thereby 
contributing to its crash. Notably, the Solana price has recorded one of the 
largest losses during this recent crypto market downtrend. SOL crashed from a 
high of around $220 in October to a low of $120 this month. This has occurred 
despite the launch of six spot Solana ETFs during this period. Bitwise, 
Grayscale, Fidelity, 21Shares, VanEck, and Canary have all launched their SOL 
funds and have recorded notable flows since launch. SoSo Value data shows that 
these funds have recorded cumulative net inflows of $568.24 million since 
their respective listings. Despite this, the Solana price has been in a 
downtrend amid significant selling pressure from SOL whales. Thanks to the 
crash, SOL is now down over 28% year-to-date (YTD). The altcoin is also down 
over 28% in the last 30 days. Pump.fun Denies Recent SOL Sales A Pump.fun 
spokesperson, Sapijiju, has indicated that they haven’t sold any SOL recently 
and haven&#8217;t contributed to the Solana price crash. In an X post, he described 
Lookonchain’s post as complete misinformation, as they haven’t cashed any sum. 
He claimed they were not involved in the transactions between Kraken and 
Circle that the on-chain analytics platform referenced. Related Reading: 
Institutions Have Been Buying Solana Every Day For 2 Weeks, Is $300 Possible? 
Lookonchain had claimed that during the same period, Pump.fun allegedly cashed 
out 436.5 million USDC, 537.6 million USDC was sent from Kraken to Circle. 
Meanwhile, regarding the 436.5 million USDC, Sapijiju stated that what is 
happening is part of their treasury management, with the USDC part of funds 
from the PUMP ICO, and with plans to reinvest the sum into the business. At 
the time of writing, the Solana price is trading at around $138, up almost 4% 
in the last 24 hours, according to data from CoinMarketCap. Featured image 
from Freepik, chart from Tradingview.com

Why Has The Solana Price Been Crashing Since October? This Major SOL Player Is Selling

Federal Reserve Governor Stephen Miran said the U.S. economy needs “large 
interest rate cuts,” telling Fox Business on Tuesday that rising unemployment 
signals monetary policy is overly restrictive. Stephen Miran Pushes for Big 
Fed Rate Cuts Federal Reserve Governor Stephen Miran said Tuesday that the 
U.S. economy requires “large interest rate cuts,” telling Fox Business […]

Fed Governor Stephen Miran Calls for ‘Large’ Rate Cuts Amid Rising Jobless Data

Standard Chartered will provide digital asset custody for 21Shares, signaling 
deeper TradFi expansion into crypto and raising questions about Zodia 
Custody’s future role.

21Shares taps Standard Chartered for custody as TradFi tightens grip on crypto

Regulators and the Bank of Korea remain at odds over bank dominance in issuing 
won-backed stablecoins, stalling a long-awaited framework expected this year.

South Korea stablecoin framework stalls as regulators split over banks’ role

A former lawyer for Coinbase, Khurram Dara, has thrown his hat in the race for 
New York attorney general. But incumbent Letitia James has a strong foothold, 
and a Republican hasn&#8217;t won in 30 years.

Cryptocurrency price in BTC