Solana News Today: Pump.fun's Acquisition Ignites Controversy as PADRE Plummets 76%

A whale has accumulated $16.38 million worth of PUMP over the past two weeks as the token surged following Pump.fun's acquisition of multichain trading terminal Padre. The acquisition, announced on October 25, triggered a 10% price rally for PUMP, pushing it to a one-week high of $0.0043 and reigniting speculation about the token's long-term potential, according to a TradingView report.

Pump.fun, a leading Solana launchpad, described the Padre acquisition as a strategic move to "tokenize the world's highest-potential opportunities." The integration of Padre—known for its support across Ethereum, Solana, BNB Chain, and Base—aims to enhance user experience, data speed, and trading incentives for tokens launched on Pump.fun. Co-founder Alon Cohen emphasized the acquisition's alignment with the platform's mission to innovate and reward retail users, the TradingView report noted.

The price surge followed a period of consolidation for PUMP, which had traded within a $0.0036–$0.0046 range since an October correction. Analyst Sjuul from AltCryptoGems noted that the token had been "in a bit of trouble" after testing range lows but praised the recent breakout as a positive sign. The rally has positioned PUMP to potentially retest the $0.005 level, a key resistance point during its Q3 rally, according to the TradingView piece.

However, the acquisition sparked controversy among Padre users, who criticized the decision to phase out utility for PADRE, the trading terminal's native token. PADRE dropped 76% in an hour to a multi-month low of $0.009 after the announcement, despite stabilizing at $0.0139. One user called the move "atrocious," arguing that PADRE holders deserved a snapshot or airdrop to mitigate the loss of token utility, the TradingView article reported.

The whale's accumulation of $16.38 million in PUMP underscores growing institutional and retail interest in the token, particularly as Pump.fun continues to expand its ecosystem. While the token's short-term trajectory remains tied to broader market sentiment, the acquisition has solidified PUMP as a focal point for investors seeking exposure to Solana-based memecoins and trading platforms.