Pumpfun continues to actively transfer Solana to the Kraken exchange. The latest transfer was 148,759 SOL, bringing the total on the exchange to 2,280,377 SOL.
Recent Solana Transfers
According to the Lookonchain platform, Pumpfun is persisting with its series of Solana transfers to the centralized Kraken exchange. The latest transfer amounted to 148,759 SOL, equivalent to $28.22 million, increasing the total deposited tokens to 2,280,377 SOL, valued at $462 million. On February 7, Pumpfun made a similar transaction by depositing 140,285 SOL worth $26.61 million.
Market Reaction
After the February 7 transfer, the SOL/USDT pair on Kraken dropped by 1.2%, suggesting a market reaction to potential increased selling pressure. The trading volume also increased by 35%, reaching $1.2 million within the same period. According to Coinmarketcap, other Solana-related tokens like Serum and Raydium also showed increased trading volumes following the deposits.
Controversies and Pumpfun's Response
Pumpfun previously denied allegations of an imminent token sell-off. In January, the platform attracted attention when it ceased its sales, shifting to depositing tokens on the exchange. Recently, Pumpfun also suspended its live streaming feature following criticism for inappropriate content, confirming investments in moderation systems.
Pumpfun's continued actions draw attention from the market and analysts. Despite the controversies, significant growth is observed around the platform, underscoring the importance of audience management and transparency.
