Pump.fun sells SOL to pressure Solana, memecoin trading cools

Pump.fun transferred 81,712 SOLs worth approximately US$6.15 million to Kraken

According to monitoring by online analyst EmberCN, on July 18, 2026, Pump.fun again transferred 81,712 SOLs worth approximately US$6.15 million to the cryptocurrency exchange Kraken. Looking at this transaction alone, it is just an ordinary wallet transfer. However, against the backdrop of slowing memin activity and declining Solana network revenue, the move once again reveals how one of the most successful cases in the cryptocurrency space is changing.

Amid the memin boom, Pump.fun became one of the most popular apps on Solana, generating millions of dollars in fee revenue from users creating and trading tokens. However, as trading opportunities dwindle, the app continues to realize some of the proceeds by transferring funds to Kraken.

According to estimates by EmberCN, between January 2024 and July 18, 2026, Pump.fun has sold approximately 4.81 million SOL tokens, with a total sales of approximately US$812 million, and an average selling price of US$168.70 per token. This milestone also makes Pump.fun one of the major players in the current long-term sell-off of SOL.

What is it selling and how much is it selling

The latest transaction is not an isolated event, but an emerging pattern. According to its official account, Pump.fun will be launched in January 2024 and charges a 1% transaction fee for token redemption. This business model proved extremely successful at the height of the memin boom.

According to a data platform, Pump.fun's cumulative revenue since its launch has exceeded US$1 billion, of which it contributed approximately US$664 million in 2025 alone. In addition, the platform also generated approximately US$124.7 million in revenue in the first quarter of 2026, highlighting the success of its 1% fee model, although the overall memin market has cooled.

Why are the numbers different?

A closer comparison reveals that the numbers given by EmberCN are much lower than those given by other data sources. This difference stems from the different measurement standards between the two. EmberCN's data (US$812 million as of July 18, 2026) is only an estimate of the number of SOLs (approximately 4.81 million units) sent to Kraken by Pump.fun and suspected of being sold. Other data sources (as of the same day) show that cumulative fees are approximately US$1.86 billion, and cumulative agreement revenue exceeds US$1.2 billion, which represents the entire fees earned by Pump.fun products. In other words, the two sets of data reflect different information: EmberCN focuses on actual sales of SOL, while other data platforms evaluate total fee revenue and revenue from the agreement.

Drag on Solana

The slowdown in Pump.fun has also been evident at the network level. According to an article published by a research institution on June 16, 2026, the platform's activity volume has dropped by 80% in the past three months. Average daily income fell to about $800,000 in June, compared with about $4.8 million six months ago. In addition, only 0.26% of newly issued tokens successfully reached a market value sufficient to land on other exchanges.

This decline is not just the result of declining interest in memein. Traders are turning to perpetual contract agreements such as Hyperliquid, leading to a reduction in the chain activity that once made Solana one of the most active networks in cryptocurrencies. When an application accounts for a large portion of blockchain activity, the slowdown in its usage can also affect the overall economic performance of the blockchain.

The peak of business has passed

According to data from an analyst organization, the PUMP token price has dropped by nearly 40% in the past six months. As of July 18, 2026, the token price is approximately US$0.0016, far below its peak of US$0.0088. The total market value of the token is approximately US$655 million.

This contrast is particularly evident considering the rate at which investor interest in the project has grown. A data platform shows that Pump.fun raised $600 million in an initial token offering that took just 12 minutes.

The overall concept of Pump.fun has also been questioned. According to an agency, Pump.fun is the core of the 2024-2025 memecoin craze. It is estimated that as of mid-2025, the platform has issued approximately 11 million tokens. However, in the end, less than 1% of issued tokens were successfully landed on exchanges such as Raydium. At the peak of the event, a steady stream of new tokens brought considerable profits. But now that trading activity is slowing down, the same model is becoming dependent on dwindling activity.

What to focus on next

The next question is whether Pump.fun will continue to sell SOL at its current rate even if agreement revenue slows? And will Solana's online activity begin to pick up steadily?

According to EmberCN's wallet tracking, as of July 18, 2026, Pump.fun still sends SOL to Kraken from time to time. These transfers will undoubtedly continue to be important indicators, but they are only part of the overall picture. What really tells us whether user activity has stopped declining and whether the memocoin craze that has driven blockchain's astonishing growth is still fading is agreement revenue data and Solana's network fee metrics.