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, 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.

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.

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.

⌠ Accidentally burned $75K worth of $PUMP ⌡

Some CT bros have been farming engagement and running scams with my wallet address, so here’s the real deal straight from me:

Wallet: 4X43DmYRtzLcyv2YRhC8vaTeqB5BTL6jX7LDtzfz47aC

I was just minding my business using @AxiomExchange… pic.twitter.com/HIt2lHyHS4

— CryptoCharming 🐟 (@CryptoCharming1) July 14, 2025

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.

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.

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.

The post Solana $170 breakout after memecoin launchpad Pump.fun record token sale appeared first on CoinJournal.

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