Popular meme coin launchpad Pumpfun has sold $8.85 million worth of Solana (SOL) tokens, causing panic among traders.
Solana (SOL) price dipped 4% to $103.5 after the sale, with a 17% weekly decline.
Solana whales are moving large amounts of assets to centralized exchanges, indicating potential sales and leading to major exits from institutional and retail traders.
The wider market also witnessed a decline, with Bitcoin falling 4% and altcoins such as Ethereum, XRP, and ADA experiencing significant drops in price.