Today, Pumpfun, a platform known for launching meme coins, transferred 104,120 SOL to the Kraken exchange. This move brings the total amount of tokens sent to Kraken to over 2.73 million, raising concerns among investors and analysts.
Details of the New Transfer
On-chain data from Lookonchain revealed that Pumpfun transferred another 104,120 SOL to the Kraken exchange. This adds to the growing total of 2,733,776 SOL sent to Kraken by the project, raising eyebrows about the potential sale of these assets.
Market Reacts to Growing Concerns
Such large transfers often hint at upcoming sell-offs, especially when they involve centralized exchanges. With today's transfer valued at tens of millions of dollars, the market is speculating on what this could mean for the short-term price action of Solana (SOL).
What This Means for SOL Holders
While SOL has remained relatively stable in the short term, a sharp sell-off of millions of tokens could create downward pressure. Traders and long-term holders are advised to keep an eye on on-chain movement and exchange inflows to stay ahead of potential price swings.
For now, it remains unclear whether Pumpfun plans to continue these large transfers or if this marks the end of a scheduled liquidation. Either way, it's a development worth watching closely.
