Solana’s Pump.fun Under Scrutiny for $741 Million Fee Controversy

Pump.fun, a popular memecoin launchpad on the Solana blockchain, is facing significant backlash after reports surfaced that the platform extracted $741 million from users through aggressive fee structures. Blockchain data indicates that since May 2024, the platform sold 4.1 million SOL tokens, converting $699 million to Kraken and $41.6 million to USDC. Critics have labeled the platform a zero-sum game, highlighting that while 293 wallets profited over $1 million, 99% of its 13.55 million users saw minimal or no returns. This controversy raises questions about the sustainability and fairness of such platforms in the rapidly evolving cryptocurrency ecosystem.

Pump.fun Faces Backlash Over $741 Million Fee Extraction on Solana

Pump.fun, a Solana-based memecoin launchpad, is under fire for allegedly extracting $741 million from users through aggressive fee structures. Blockchain data reveals the platform sold 4.1 million SOL tokens since May 2024, converting $699 million worth to Kraken and $41.6 million to USDC.

Critics argue the platform operates as a zero-sum game: while 293 wallets profited over $1 million, 99% of its 13.55 million users never crossed $10,000 in gains. crypto Bitlord labeled it a 'disease' responsible for 'mass killings and suicides,' calling for its removal from the ecosystem.

The controversy highlights tensions between memecoin speculation and sustainable value creation in crypto. Solana's SOL token remains central to the narrative, with exchanges like Kraken facilitating the liquidity movements.

Sol Strategies Files for Nasdaq Listing Amid 420,000 SOL Holdings

Canadian digital asset firm SOL Strategies has taken a decisive step toward U.S. expansion by filing for a Nasdaq Capital Market listing under the ticker "STKE." The MOVE comes as the company discloses holdings exceeding 420,000 SOL tokens, positioning itself among Solana's most significant institutional investors.

The firm, currently traded on the Canadian Securities Exchange, plans to maintain Canadian governance standards while gaining exposure to U.S. markets. Its registration statement reveals 172.2 million outstanding shares alongside convertible securities, including 12 million warrants.

SOL Strategies is framing its growth thesis around Solana's expanding role in asset tokenization and blockchain infrastructure. "We're seeing institutional appetite for structured crypto exposure," the filing suggests, without directly quoting executives. The Nasdaq listing WOULD mark a milestone for blockchain-focused investment vehicles seeking mainstream market access.

Solana Manages To Escape Selling; What’s Next For SOL Price?

Solana has demonstrated resilience amid weak market conditions in June, with holders resisting sell-offs despite repeated challenges to upward momentum. Investor confidence remains robust, as evidenced by net exchange position data showing consistent accumulation over nearly three months—only one exception where selling briefly dominated.

The Network Value to Transactions (NVT) ratio’s downward trajectory signals alignment between Solana’s valuation and on-chain activity, reducing overheating risks. This metric historically precedes price recoveries, suggesting SOL may be poised for a rebound when macroeconomic headwinds subside.

MemeStrategy Makes Historic SOL Purchase as Asia's First Public Crypto Firm

Hong Kong Stock Exchange-listed MemeStrategy has acquired 2,440 SOL tokens worth approximately $370,000, marking a significant institutional move into Solana's ecosystem. The 9GAG-backed company executed the purchase through OSL Group at an average price of HKD 1,191 per token.

The investment reflects a strategic play for Web3 infrastructure access rather than speculative trading. MemeStrategy plans to operate validator nodes on Solana's proof-of-stake network, generating staking rewards while contributing to blockchain security. This aligns with the firm's tripartite focus on artificial intelligence, blockchain technology, and cultural integration.

Market response was immediately positive, with shares rallying on the announcement. The move signals growing institutional recognition of Solana's developer ecosystem and its potential to bridge decentralized applications with traditional finance.