- Solana-based memecoin launchpad, Pump.fun, raked $162 million from selling SOL tokens, surpassing even the Ethereum Foundation’s annual budget.
- PumpFun’s co-founder has confirmed plans for a potentially lucrative airdrop for platform users,
- Analysts are optimistic about Solana’s price, with a potential breakout pattern indicating a possible surge toward the $260 resistance level.
Amidst signs of Solana breakout, crypto observer Wazz shed light on the activities of Pump.fun, a meme coin launchpad built on the SOL blockchain. Citing data from Lookonchain, PumpFun has sold a significant amount of SOL tokens, totaling $40 million worth of SOL [$6.68 million] in its latest transaction. This adds to Pump.fun’s impressive revenue stream, which has already reached a staggering $162 million generated from selling SOL tokens.
Notably, Wazz highlights that this surpasses the Ethereum Foundation’s entire annual budget, emphasizing the differing expectations and reactions to spending on short-term vs. long-term projects. While the hefty SOL sales sparked discussion, Pump.fun’s pseudonymous co-founder Sapijiju generated further excitement by confirming plans for an airdrop for platform users. Though details regarding the timeline remain undisclosed, Sapijiju hinted that the airdrop will be “a lot more lucrative than anyone else in the space.”
Reacting to Pump.fun’s recent activity, a user addresses the current market sentiment, highlighting the preference for quick gains and the skepticism towards long-term investments. It also underscores the contrast between the speculative nature of Pump.fun and the more fundamental approach of Ethereum.
It just goes to show the current market participants’ preferred timeframe. Degens think they can get rich quickly on PumpFun, so it gets a pass. Improvements to Ethereum take years to show up in $ETH’s price action. Any spending towards such a long-term goal raises howls.
Solana Price Poised for Breakout?
Adding to the bullish sentiment, analysts are pointing to a potential breakout pattern forming on Solana’s 3-day chart. The formation, known as a bullish pennant, often precedes a significant price increase. Experts believe a breakout from this pattern could propel SOL’s price toward the $260 resistance zone.
Solana’s future remains to be seen, but the buzz surrounding Pump.fun and potential technical indicators suggest an exciting period ahead for the altcoin.
