Data provided by blockchain analysis platform Arkham Intelligence showed that Pump Fun, a Solana-based memecoin launchpad, recently transferred a large amount of SOL to the Kraken cryptocurrency exchange. This transfer, the first in 2025, raised questions about a possible sales pressure.
Pump Fun’s First Transfer in 2025
According to Arkham Insight data, Pump Fun deposited 120,000 SOL into Kraken. SOL is currently selling for $190.08 and is down 2.94% in the last 24 hours. The funds transferred due to this price drop correspond to approximately 22.7 million dollars.
After the last transfer, Pump Fun wage account currently has 172,000 SOL and 101,000 JITSOL. The value of these assets is approximately $55.19 million.
Despite concerns about selling pressure, the reason for the transfer is not yet known. The funds come from Pump Fun’s transaction fee-based revenues from its platform. Although Pump Fun denied allegations of selling pressure, the latest transfer resembles a similar transfer in November 2024.
In November, Pump Fun sold 36,400 SOLs worth approximately $6.77 million. Memecoin launchpad moved these funds to cryptocurrency exchange Kraken, complementing an earlier deposit of 90,000 SOL. At the time, market observers thought that Kraken was chosen due to its high liquidity.
The Rise of Solana Launchpad
Among all these transfers, memecoin launchpad has faced several difficulties recently.
Despite experiencing explosive growth, it faced intense criticism following its launch early last year. In the first week of December 2024, the platform was banned in the United Kingdom following a warning from the country’s financial regulator.
The UK Financial Conduct Authority (FCA) issued a warning stating that the platform “may provide or promote financial services or products without consent.” In order to ensure the safety of users, the regulator has warned the public to avoid trading on the platform and risks of loss of funds.
In response, Pump Fun updated its website and terms of service to block its users in the United Kingdom. Additionally, the protocol had to suspend its live streaming service due to user abuses and complaints.
While the reason for Pump Fun’s transfers to Kraken remains unclear, the future of the platform and its mobility in the SOL market continues to be a matter of curiosity.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
