Solana Price Plummets Following Pump.fun’s Billion-Dollar Token Sale

The price of Solana (SOL) experienced a sharp drop of over 3%, falling from approximately $161 to $156 shortly after reports emerged about the launch of a $1 billion token sale by Pump.fun. The sudden news caused a swift reaction in the market, with traders jumping on the opportunity for profit-taking before an expected price plunge. Experts are now debating whether this is a sign of market volatility or just a short-term dip. Pump.fun, a Solana-based platform known for its memecoin launches, announced plans to raise $1 billion through a token sale. This move has sparked concerns about potential dilution of the network and impact on its ecosystem.