The memecoin platform Pump.fun has transferred 120,000 SOL to the Kraken exchange. This transaction is closely watched as it might pressure the SOL price.
Transfers Surpass 1.5 Million SOL
With this latest transfer, the total amount of SOL sent by the Solana-based memecoin platform Pump.fun to Kraken has exceeded 1.5 million, valued at over $300 million. The platform has sold 264,373 SOL, generating $41.64 million in USDC. Currently, Pump.fun holds 70,284 SOL in its commission account, valued at $14.4 million, with SOL staked with Jito worth $24.4 million.
Data Indicates Decrease in Platform Activity
However, data related to the Pump.fun platform shows a significant decline. Token transactions on the decentralized exchange Raydium have decreased since peaking at $2.58 billion on November 19, 2024. Daily revenues of the platform have also decreased from $5.31 million on November 24, 2024, to $2.12 million by January 1, 2025. The economic value of the Solana network has also dropped from $27.6 million on November 24, 2024, to $4.65 million as of December 30, 2024.
Conclusion
Blockchain analytics company Chainalysis has begun examining the memecoins created by Pump.fun. This step could help detect fraud and sudden price declines.
The significant transfer of SOL to Kraken and the notable decline in platform activity pique interest in further developments.
