The Pump.fun platform continues its cashing out strategy, preparing to withdraw 156,000 SOL. This action raises questions about value and the return of resources to the Solana ecosystem.
Pump.fun's Cashing Out Strategy
Pump.fun has now gathered all the funds in its wallet and is ready for cashing out. The recent withdrawal is 156,000 SOL, which surpasses the previous deposit of 132,000 SOL sent to Kraken in mid-May. Over the past week, the platform earned over $13 million, with $77.5 million for the last 30 days.
Impact on SOL Value
The sale of SOL by Pump.fun has become one of the factors putting pressure on the asset's price. Following the recent withdrawal, the price of SOL dropped again, trailing behind BNB at a trading level of $163.80. This situation has slowed the asset's recovery.
Competition and Activity in the Solana Ecosystem
Pump.fun is facing competition from new platforms such as LetsBonk and Believe. This month, Pump.fun's share of the tokens has dropped to 51%, while other platforms are stepping up their token launches, leading to an increase in casual rug pulls on the platform. Meanwhile, creators in the reward program are releasing a large number of insignificant tokens, undermining the stability of the ecosystem.
The ongoing actions of Pump.fun and market changes for SOL highlight the current challenges facing the Solana ecosystem. Competition is intensifying, which is becoming a defining factor for the future of the platform.
