Pump.fun platform, operating on the Solana blockchain, continues to increase its token sales volumes, causing discussions in the crypto community.
Start of Sales
The Pump.fun platform began selling SOL tokens in early September. According to Lookonchain, the first volume of tokens was 254,074 tokens worth $40.26 million at an average price of $158. On September 3, the platform sold another 10,300 tokens worth $1.38 million at an average price of $134.46. Since the beginning of the month, Pump.fun has sold SOL tokens worth over $42.93 million.
Solana Community Reaction
Members of the Solana community have expressed various opinions about Pump.fun's sales. One X user noted that instead of selling the tokens, the platform could have used the revenue to improve the user interface and security tools. > With the fees that they collect instead of dumping everything they should level up the ui of the web and to build some tools in order to protect the people but of course for the business its not valuable if a token launch and reach multi millions !! For the website it’s valuable… — Crypto Analytica (@crypto888inform) September 12, 2024
Competition from TRON
TRON's SunPump platform is currently challenging Pump.fun in the memecoin space. According to Dune Analytics, SunPump reached 50% of total token mints and value locked in Pump.fun just a few days after its launch. TRON claims that on its good days, SunPump accounted for approximately 40% of total memecoin volumes. The launch of SunPump also coincided with reduced activity on the Solana blockchain. TRON co-founder and CEO Justin Sun stated that SunPump faced criticism after its launch but encouraged people to join the platform.
Token sales on the Pump.fun platform have sparked significant discussions within the Solana community and attracted the attention of competitors. Meanwhile, the platform continues to generate substantial revenue from token sales, despite varying opinions from the community.
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