BlockBeats News, July 17th: Zhu Su, Founder of Three Arrows Capital, shared his market views, stating that the "Pump.fun TGE boosted SOL's surge," for the following reasons:
Pump.fun itself does not hold a large amount of SOL, so it does not create price pressure by selling SOL, eliminating the market's concerns about "selling pressure risk";
There is a misunderstanding in the market regarding Pump.fun selling SOL. Users typically buy SOL with USD, participate in Pump.fun transactions, and pay in SOL, after which the platform exchanges the SOL back to USD. This pattern is just a standard consumer business process and does not directly cause a SOL price drop;
Pump.fun's high income in the Solana ecosystem (such as achieving a $106 million monthly income in November) has attracted more market attention, highlighting Solana's potential as a high-performance blockchain. This has not only attracted more developers to build projects on Solana but may also lead to a reappraisal of SOL as an investment-grade consumption protocol;
After profiting from participating in Pump.fun's initial token offering, Solana ecosystem investors tend to reinvest funds into SOL, further driving up its demand and price.
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