The latest transfer by Pump.fun has once again raised eyebrows in the crypto space, as 86,254 SOL (approximately $16.22 million) were sent to the Kraken exchange.
Volume of Transfers to Kraken
This recent transfer adds to the total amount of SOL sent to Kraken, now totaling 3.93 million SOL, worth around $715.5 million. The average deposit price stands at $182 per SOL.
Sale of SOL and Its Implications
Additionally, Pump.fun recently sold 264,373 SOL for $41.64 million in USDC at an average price of $158 per SOL. This sell-off reinforces the perception that the platform is focused more on liquidating assets than supporting its $PUMP token.
Community Questions about the Future of $PUMP
With $PUMP holders keenly anticipating buybacks to support price, these large-scale transfers to Kraken have raised concerns. Many are questioning the long-term plans of Pump.fun for $PUMP and whether these actions represent strategic management of SOL reserves.
The ongoing transfers to Kraken raise questions about Pump.fun's future initiatives regarding $PUMP. The crypto community will be closely monitoring the company's next steps.
