Memecoin launchpad PumpFun has transferred a significant amount of Solana to Kraken again, causing concern among market participants.
Large Solana Transfers
According to Onchain Lens data, PumpFun recently moved 54,113 SOL worth approximately $7.81 million to Kraken. This move is part of a broader pattern, with 1,573,313 SOL transferred since the beginning of the year. For example, on January 2, 2024, 120,000 SOL worth $22.88 million was transferred.
Speculation About PumpFun's Intentions
As Solana transfers persist, speculation arises. Some analysts suggest these actions may signal large sell-offs. However, definitive motives remain unclear.
Price Stability Amid Market Uncertainty
Despite frequent transfers, Solana's price has remained relatively stable. After a transfer of 148,759 SOL on February 13, Solana dropped by 1.2% before recovering.
PumpFun continues to influence the Solana market with its actions, raising concerns among investors about stability and future price trends.
