Solana News: Pump.fun Fee Revenue Plummets 92% Amid Controversies and Declining Activity

Recent developments in the cryptocurrency space have had a significant impact on Pump.fun, a platform built on the Solana network. Here’s a closer look at the key details and their implications.

Pump.fun Fee Revenue Declines 92% from January Peak

Pump.fun’s protocol fee revenue has fallen sharply by 92%, dropping from $15.38 million on Jan. 25 to just $1.1 million today. This decline comes as activity on the platform and the Solana (SOL) network has slowed due to recent controversies in the meme coin space, notably the LIBRA fiasco involving Argentine President Javier Milei. Token launches on Pump.fun have also seen a massive decline, falling from over 70K to approximately 25K. The broader meme coin marketcap has also shed considerably in value.

Raoul Pal: Solana Oversold, Signals Strong Rebound Ahead

Solana has been a key focus despite a broader market decline. Expert trader Raoul Pal believes SOL is oversold and may soon experience significant price growth. Market indicators suggest potential growth, with SOL’s Relative Strength Index (RSI) recently dropping to 25.73, its lowest level since 2022, signaling a possible recovery. Analysts are predicting a bullish trend in the coming months.

CME Group to Launch Solana Futures

CME Group, the world’s largest derivatives marketplace, plans to introduce Solana (SOL) futures on March 17. The new contracts, pending regulatory review, will allow traders to manage SOL price risk with two contract sizes: 25 SOL and 500 SOL. The contracts will be cash-settled, using the CME CF Solana-Dollar Reference Rate. CME already offers Bitcoin and ether futures, which have seen significant growth in trading activity.

Solana (SOL) Price Hits $125, Whale Activity Suggests Potential Recovery

Solana (SOL) dropped 42% in 30 days, reflecting broader market volatility as Bitcoin (BTC) fell below $80,000. This sharp decline has caused widespread fear and panic among investors, leading to a massive sell-off. However, whale activity is signaling confidence in SOL’s rebound, with a major whale purchasing 50,000 SOL tokens for $6.77 million. Technical patterns like the “three pushes” formation and RSI bullish divergence suggest SOL could be on the verge of a reversal.