Solana $170 breakout after memecoin launchpad Pump.fun record token sale

  • Solana price rises past $167 towards $170 after Pump.fun raises $500M in a record ICO.
  • $75K in PUMP tokens have been burned due to a wallet cleanup mistake.
  • Kraken has pledged a PUMP airdrop to users affected by sale glitches.

Solana (SOL) has surged past the $167 following a wave of momentum generated by the explosive success of Pump.fun. This new memecoin launchpad raised over $500 million in a record-breaking token sale.

The rally comes at a time when the broader crypto market is rising, buoyed by Bitcoin’s surge to a new ATH.

Analysts and traders are closely watching Solana’s price movement, as the network’s memecoin ecosystem appears to fuel both retail enthusiasm and whale interest at scale.

Pump.fun’s wild $500M ICO stuns crypto market

Pump.fun, a user-friendly token issuance platform built on the Solana blockchain, has made headlines by conducting one of the largest initial coin offerings in crypto history.

The platform raised an astonishing $500 million, with $448.5 million flowing in directly through its website in just 12 minutes, showcasing unparalleled demand and virality.

This overwhelming investor response highlights the strong appetite for Solana-based memecoin projects, especially those that simplify the token creation process for everyday users.

Around $51.5 million of the total ICO came through centralised exchanges, further reinforcing broad-based interest from both institutional and retail participants.

Although memecoin launches often spark scepticism, the scale of this ICO marks a major moment for Solana’s positioning in the DeFi and speculative token space.

PUMP token ownership concentration raises eyebrows

Despite the impressive raise, concerns are emerging over the concentration of token ownership within the PUMP ecosystem.

Data shows that the top 340 wallets acquired more than $300 million worth of PUMP tokens, representing about 60% of the entire ICO.

This level of centralisation has raised questions among traders about the future stability and decentralisation of the token, especially if large holders choose to exit positions suddenly.

Still, others argue that such early-stage accumulation by whales is typical in crypto fundraising and does not automatically indicate market manipulation.

$75K PUMP token burn sparks cleanup tool debate

While the hype around PUMP has been largely positive, one Solana user made headlines after accidentally burning $75,000 worth of tokens during a wallet cleanup.

Using an automated tool to clear what they believed were junk airdropped tokens, the user unknowingly included valuable PUMP tokens in the process, causing an irreversible loss.

The incident quickly spread across the Solana community, sparking debate over the safety and design of automated wallet management tools.

Experts have warned that such tools, though convenient, can be dangerous if used without verifying token values, especially during early distribution phases when token metadata may not be clearly labelled.

Some observers noted that the accidental burn could have a bullish effect by slightly reducing the token’s supply, potentially increasing scarcity.

Kraken responds to user complaints with an airdrop pledge

In response to the controversy surrounding the PUMP token sale, Kraken co-founder Arjun Sethi stepped forward with a pledge to compensate affected users.

Sethi confirmed that Kraken reviewed its internal logs and identified users who experienced issues during the launch due to system glitches.

He promised an airdrop of PUMP tokens once the token becomes tradable, aiming to rebuild trust and improve transparency among the platform’s user base.

The move has been seen as a positive gesture, signalling Kraken’s commitment to user protection in a chaotic and fast-moving market segment.

Solana price surge towards $170

Following these developments, Solana’s native token, SOL, has risen to $167.92, at press time, pushing near the psychological resistance level of $170.

The highly anticipated breakout above $170 comes amid rising 24-hour trading volume, which has hit over $12.6 billion, and a market cap that now approaches $90 billion.

Notably, SOL’s price has climbed nearly 15% over the past month, as momentum from memecoin speculation converges with growing institutional interest in Solana-based protocols.

As traders look ahead, critical questions remain around sustainability, decentralisation, and platform innovation within the Solana ecosystem.

For now, the combination of speculative interest, high-profile support, and developer activity is propelling Solana (SOL) into the spotlight, with many wondering just how high it can go.

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AAVE gains strength as Aave dominates DeFi lending with over $50B net deposits

  • Aave has become the first lending protocol to exceed $50 billion in deposits.
  • The breakthrough suggests rising adoption and confidence in DeFi.
  • Native token AAVE remains poised for impressive growth.

The crypto market remained hot on Monday as Bitcoin hit historic highs of $123,000.

While altcoins enjoyed substantial breakouts, AAVE stole the show with a crucial milestone.

Aave has become the first decentralized lending protocol to surpass $50 billion in net deposits.

AAVE Net Deposit

That confirms increased confidence in not only the AAVE ecosystem but the entire DeFi landscape.

Aave’s steady growth has grabbed attention as it demonstrates resilience, soaring mainstream relevance, and consistent growth in a sector often criticized for short-term hype and wild volatility.

The platform that debuted to experiment with on-chain lending has turned into a financial force helping the masses to access capital without depending on banks.

Aave lending surpasses $50B: what’s behind the growth?

What is fueling the protocol’s rapid growth?

Aave has established itself as a secure, community-led, and transparent blockchain.

Innovative functionalities like collateral swapping, rate switching, and flash loans attracted users as they enjoyed heightened flexibility and control.

Key ecosystem integrations and institutional interest ignited interest in AAVE.

Recently, the protocol added Ripple’s stablecoin RLUSD to support borrowing and lending.

Meanwhile, the latest deposit milestone signals confidence in Aave’s ecosystem.

Diverse users, from DeFi power users to seasonal investors and even institutional participants, trust Aave’s platform to safeguard their funds as they enjoy smooth borrowing options and lucrative returns.

The eye-catching $50 billion figure reflects the massive user conviction.

Moreover, Aave has maintained a healthy user base despite volatile market conditions.

The platform has likely become the go-to option for decentralized finance enthusiasts.

The current outlook aligns with Aave’s objectives of prioritizing real-world asset integration.

Moreover, the $50 billion net deposit milestone indicates a flourishing DeFi niche, with users confident to lock substantial funds into these protocols.

Also, it testifies to the prevailing shifts from traditional finance (TradiFi) to blockchain-based options.

Besides the historical record, Aave has validated the DeFi space.

The blockchain is now at par with mid-sized financial enterprises in AUM (assets under management).

Notably, that’s without intermediaries, physical infrastructure, or bureaucracy.

Furthermore, the deposit landmark signals a future where decentralized codes, not banks, power global borrowing and lending.

AAVE price outlook

The altcoin gained over 8% in the past 24 hours to trade at $328.

AAVE holders have seen their portfolios increase by nearly 15% the previous week.

Its daily trading volume has surged over 100%, suggesting renewed interest in Aave.

Short-term technical indicators support the upside trajectory.

For example, the Moving Average Convergence Divergence demonstrates a buyer resurgence with an upside crossover and green histograms.

AAVE MACD Indicator

Also, the Chaikin Money Flow has recovered from July 6 at -0.31 to 0.10 at press time.

That indicates money entering the AAVE ecosystem.

Nevertheless, the Relative Strength Index hints at overbought conditions as it reads 67 on the 4H timeframe.

Potential profit-taking could spark short-term corrections for AAVE.

Nevertheless, the altcoin boasts a healthy ecosystem as Aave democratizes the DeFi lending and borrowing marketplace.

That positions the native token for tremendous growth in the upcoming times.

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