Invest1 publisher2 min readPublished
Pump.fun's latest SOL sale cleared about $121 a coin, a quarter below its earlier average
Pump.fun sold 47,994 SOL for $5.83 million, about $121 a coin, taking its cumulative SOL sales past $848 million. At that price it needs about a third more SOL per dollar raised than at its earlier average of roughly $164.
The Investor · Invest desk
What happened
- Pump.fun sold 47,994 SOL for roughly $5.83 million through exchanges in its latest conversion of treasury SOL into cash.
- The sale took the Solana memecoin launchpad's cumulative SOL sales past $848 million since its January 2024 launch.
- The platform charges about 1% on launches and trades and has passed $1 billion in cumulative revenue, much of it earned in 2025.
- Since the July 2025 PUMP token sale, half of net revenue goes to buying and burning PUMP, with about $457 million allocated so far.
Compiled by The InvestorSomething wrong?How this is made
Why it matters
- contradiction Read against a revenue floor of $1 billion, the $848 million in SOL proceeds overstates the cash Pump.fun has banked, because part of it went to PUMP buybacks.
- exposure Traders who watch exchange-wallet transfers can position before each batch trades, so Pump.fun sells into a market that has already seen the coins arrive.
- decision Selling SOL as it comes in while sending half of net revenue to PUMP buybacks leaves Pump.fun carrying its own token's price risk and shedding Solana's as it goes.
Divide $5.83 million by 47,994 coins and the latest batch cleared at about $121.5 per SOL [1]. Through early September the platform had sold more than 5.1 million SOL for about $834 million [9]. That is an average near $163.5 [2], inside the $160-to-$175 band that on-chain trackers reported [8]. The new sale came in about a quarter below it [3]. Two larger sales in the record, 132,935 SOL for $13.75 million and 77,705 SOL for $7.88 million [7], cleared near $103 and $101 a coin [4].
How much SOL this puts on the market depends on what sets the batch size. If sales follow fee income (about 1% of the launches and trades on the platform [4]), the coins offered fall when memecoin activity falls. If the treasury keeps selling tranches of 50,000 to 130,000 SOL [6] whatever it earns, Crypto Briefing's warning applies. In its account, selling that busy markets absorb hits thinner order books when trading slows and can amplify declines [14].
A third question is where the cash goes. Crypto Briefing describes half of revenue going to stablecoins or fiat through SOL sales and half returning to PUMP through buybacks [16]. Its own totals do not fit that split. SOL sales past $848 million plus about $457 million of buybacks [11] come to roughly $1.3 billion [6], against cumulative revenue the report puts only as more than $1 billion [5]. If revenue sits at that floor, at least $300 million of SOL proceeds went to buying PUMP [6].
Pump.fun does not announce sales in advance, though transfers to exchange wallets show up on-chain before the coins trade [12]. Lookonchain is among the trackers following those wallets [13]. Sizes vary. The latest batch, at 47,994 SOL, is below the 50,000 floor of the typical range [7]. The move from about $834 million in early September to more than $848 million now is roughly $14 million, more than twice the latest sale. On those figures, about $8 million of other selling took place in between [5].
I think the first case fits the evidence better. Revenue was concentrated in the 2025 memecoin run [5], and the newest batch was smaller than the usual floor [7]. The report does not give Solana's trading volume, so the price effect of a $5.83 million sale [1] cannot be sized from it. The view is wrong if tranches hold at 50,000 SOL or more while fee income drops. That would mean the treasury is selling reserves on a cadence of its own, the case Crypto Briefing warns about [14].
What to watch
- The realized price on Pump.fun's next batches, against about $121 on the latest sale and about $164 on the average through early September.
- Any Pump.fun accounting that splits the $848 million of SOL proceeds between banked cash and PUMP buybacks.