Pump Fun has made a significant move by transferring 120,000 SOL to Kraken, raising market and expert attention.
Details of the Latest Transaction
Arkham Intelligence identified a major transaction from Pump Fun, transferring 120,000 SOL valued at over $14 million to Kraken. This raises the total deposit on Kraken to 1,500,893 SOL, equating to $303 million. Previously, Lookonchain confirmed that Pump Fun conducted several similar transactions, collectively selling 264,373 SOL for 41.64 million USDC.
Revenue Decline and Stakeholder Concerns
Pump Fun's revenue has significantly declined, from $5.31 million on November 24, 2024, to $2.12 million by January 1, 2025. This mirrors the economic situation of Solana, where platform value has decreased. Notable analyst ACE|XAE on X claims this decline is due to Pump Fun's daily activities undermining other projects and investor interests.
Regulatory Scrutiny and Community Backlash
Concerns have arisen regarding Pump Fun's activities. In November, the platform’s streaming feature faced criticism, leading to its shutdown and a decrease in user activities. A Chainalysis official has called for authorities to investigate the platform’s activities, suggesting potential scams.
The transaction by Pump Fun and related developments highlight the need for increased monitoring by the market and regulators. The rising attention and concerns require further measures to ensure transparency and trust among participants.
