The recent $22.8M deposit by Pump.fun into SOL on the Kraken exchange has drawn market attention and boosted Solana's price by 20%.
Pump.fun's Deposit to Kraken
Pump.fun, a Solana-based memecoin launcher, has been actively transferring significant SOL to Kraken. The latest deposit of 132,000 SOL aligns with their bi-weekly revenue distribution practices. As noted by on-chain analyst EmberCN, "Pump.fun transferred 132,000 SOL ($22.88 million) in transaction fee revenue to Kraken a few hours ago."
Impact on Solana's Price
The transfer significantly influenced Solana's liquidity, with the cryptocurrency increasing by 20% over the past week. This reflects the market's positive sentiment towards Solana's rise amid such activities. The transaction is part of regular operations rather than an indication of external market pressures, which has sparked discussions within the community around protocol transparency.
Routine Deposit Strategy
Similar routine deposits since February reflect consolidated revenue flows typical of high-volume DeFi protocols. Analysts track these movements as part of broader financial trends within the industry. According to the Lookonchain analytics group, "Tracked and confirmed multiple large deposit events but without qualitative commentary beyond raw data."
Pump.fun's activities and routine deposits suggest ongoing SOL price volatility tied to market demand for transparent and strategically managed revenue practices.
