Pump.fun cashes in as SOL nears $200

Pump.fun still sent SOL to Kraken after a long pause, just as the market rallied with SOL near $200. Briefly, the platform stopped its PUMP buybacks to cash in on SOL. Pump.fun sent SOL to Kraken, despite its commitment to buying back PUMP tokens with most of its fees. On-chain data showed the meme launchpad deposited a total of 86,254 SOL, its first deposit since June 10, as previously reported by Cryptopolitan. Pump.fun paused the PUMP buybacks and tapped some of its renewed SOL inflows. | Source: Pump.fun fees . So far, Pump.fun has deposited 3.93M SOL to Kraken, selling at various price ranges, including as low as $158. There is no guarantee all the SOL would be liquidated or traded. Currently, the intermediary wallet used to send SOL to Kraken has emptied its entire balance, though Pump.fun holds at least 898K SOL in its other public wallets . The funds may be used to support PUMP, as well as a selection of memes and communities. The buybacks still had an effect on the price of PUMP, which recovered to $0.004, adding 9.8% in the past day. So far, Pump.fun has also allocated 197,739 SOL to buybacks, with a pause in the past days. The platform achieved fees of up to $3.27M, reviving from recent lows of days with under $500K. Fees spiked to a weekly high as more meme tokens were deployed. Pump.fun rivalry intensifies The rivalry between meme launchpads on Solana has intensified. In the past week, token launches on Solana picked up again, with over 50K assets deployed from all launchpads. On-chain investigators have noticed a shift in the behavior of token launches. Most of the new activity in content creation and subsequent trading is linked to a list of deployer addresses, which are most probably automated with various strategies. The presence of deployers also leads to a rotation between meme platforms, where the same large-scale token launchers shift to the best available markets. This has led to a more diverse market share, where every few days the dominance of platforms changes. Pump.fun is back to 74.5% of the market share, while the previously hot LetsBonk.fun is down to 10%, as deployers moved away. Bags is now taking the second place, with a market share of 11.2% . Smaller platform contenders are also fighting for market share, with Meteora and Jupiter adding the feature to their product mix. Platforms are also incentivizing deployers, leading to a constant watch for the best conditions to launch new memes and tap liquidity. Launchpads see increased competition, with changing market share caused by the rapid movement of the top deployer wallets to the platform with the best short-term conditions. | Source: Dune Analytics . The deployers are debunking the myth of ‘trenches’ coming from organic user participation. While Pump.fun still aims at retail users, the deployers may be responsible for over 95% of activity. The best deployers are also followed for their connection to successful tokens and available liquidity. Pump.fun aims to bring back cult tokens During the 2024 meme boom, Pump.fun produced several top cult memes, including GIGACHAD. However, the cult status emerged from social media, mostly linked to the activity of Murad Mahmudov, as previously tracked by Cryptopolitan. Now, Pump.fun itself aims to create its own cult tokens, claiming that the age of belief is back. The ability to select coins for their cult status may boost the PumpSwap DEX volumes and add more to the platform’s daily fees. Alon Cohen, the co-founder of Pump.fun, recently hinted at the emergence of cult tokens. “Hold and believe season is back”, he said on X in the past week. The recently selected tokens by the Glass Full Foundation are trying to gain cult status. Spirit of Gambling (TOKABU) maxed out at $0.06 and is now consolidating at $0.05. Housecoin (HOUSE) also cooled down at $0.02. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan