Solana’s Pump Fun Moves 120,000 SOL To Kraken, Selloff Incoming?

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As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of mysterious transactions and questionable moves by blockchain projects. The recent transfer of 120,000 SOL by Solana-based memecoin launchpad Pump Fun to Kraken has definitely caught my attention.

Having closely followed the trajectory of Pump Fun since its inception, I can’t help but feel a sense of déjà vu. The similarities between this move and the one made in November 2024 are striking, leaving me to wonder if history may be repeating itself. While the reason for this transfer remains unclear, it’s worth noting that Pump Fun has a track record of moving funds to Kraken during times of price volatility.

The potential selloff implications are concerning, especially given the current market conditions and the recent drop in SOL’s value. However, it’s essential to approach these speculations with caution and wait for further confirmation before jumping to conclusions.

Pump Fun has faced numerous challenges since its launch, from regulatory issues to user complaints. As a researcher, I can’t help but chuckle at the irony of a platform that launched as a memecoin now finding itself in the spotlight due to serious concerns. But then again, that’s the nature of the cryptocurrency market – nothing is ever as it seems!

Information gathered by blockchain intelligence platform Arkham Intelligence indicates that the memecoin launchpad Pump Fun on the Solana network recently transferred a large sum of SOL to the Kraken cryptocurrency exchange. This unexpected move, marking the first transfer in 2025, has sparked speculation about an impending sell-off.

Pump Fun Makes First Transfer in 2025

As per Arkham Insight’s report, a transfer of around 120,000 SOL (approximately $22.88 million at the current exchange rate) was made to Kraken. Interestingly, the current value of SOL is roughly $190.08, representing a 2.94% decrease over the past day. Consequently, due to this price drop, the transferred amount now approximates around $22.7 million.

After the recent action, the Pump Fun fee account now has about 172,000 Solana (SOL) and 101,000 Jitsol tokens. The combined value of these holdings is roughly estimated to be around $55.19 million.

As an analyst, I find myself puzzled by the assertions regarding the selloffs, as the rationale behind the transaction remains elusive. The funds appear to stem from the fees generated through Pump Fun’s platform since its inception, which they refer to as “Pump Fun Generated” funds.

However, despite Pump Fun’s persistent denial of selloff claims, this recent transfer shares striking similarities with a previous one made in November 2024. This similarity adds an intriguing layer to the puzzle and warrants further investigation.

As a long-time crypto investor, I’ve witnessed numerous launches of memecoins and have learned that choosing the right exchange for liquidation plays a crucial role in their success. When I heard about Pump Fun moving $6.77 million worth of SOL to Kraken, it didn’t surprise me at all. With my experience, I know that Kraken is renowned for its high liquidity and reliability, making it an attractive option for projects seeking a smooth and efficient launch. The earlier deposit of 90,000 SOL worth $14.97 million further solidified my belief in Pump Fun’s decision to partner with Kraken. I believe that the memecoin launchpad made a wise choice by selecting Kraken as their liquidating exchange, as it can provide them with the necessary resources to ensure a successful and profitable launch.

The Solana Launchpad’s Rise and Growing Fall

Amidst all these transfer, the memecoin launchpad has faced several challenges in recent times.

After experiencing rapid expansion upon its debut at the start of last year, the platform also attracted significant scrutiny. By early December 2024, the platform was banned in the UK after receiving a warning from their financial regulatory body.

The Financial Conduct Authority (FCA) in the UK initially cautioned that the platform might be offering unauthorized financial services or products. For user protection, the regulatory body suggested the general public to steer clear of this platform and alerted about possible dangers of money loss.

As a result, Pump Fun made changes to their website and user agreement to prohibit access for users from the UK. Furthermore, due to instances of misuse and complaints, they have temporarily halted their livestreaming service.

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2025-01-01 22:28