Pump.fun has reactivated its sending of SOL to the Kraken exchange despite prior commitments to buy back PUMP tokens.
Resume of SOL Sends to Kraken
Pump.fun sent a total of 86,254 SOL to Kraken, marking its first deposit since June 10. To date, the platform has deposited 3.93 million SOL, selling at various price points, including below $158. Currently, the intermediary wallet used to send SOL to Kraken has been completely drained, while Pump.fun holds at least 898,000 SOL in other public wallets.
Competition Among Meme Platforms
Competition among meme launchpads on Solana has intensified. In the past week, token launches have picked up again, with over 50,000 assets deployed from all launchpads. On-chain data revealed a shift in token launch behavior, where most new activity in content creation and subsequent trading is linked to deployer addresses. As of now, Pump.fun has secured 74.5% of the market share.
Cult Token Strategy
Since the meme boom of 2024, Pump.fun has produced several top cult memes. The platform now aims to create its own cult tokens, which may boost trading volumes on the PumpSwap DEX. Co-founder Alon Cohen has hinted at the emergence of cult tokens, stating that 'Hold and believe season is back.'
Pump.fun continues to actively engage in the market, implementing new strategies and increasing its market share among competitors, potentially leading to new opportunities for users.
