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CoinGape 2025-01-01 19:14:22

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

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

Intel from blockchain analytics platform Arkham Intelligence shows that Solana-based memecoin launchpad Pump Fun recently moved a massive amount of SOL to the Kraken cryptocurrency exchange. The sudden transfer, which is the first in 2025, has raised questions about whether a potential selloff is incoming. Pump Fun Makes First Transfer in 2025 According to the Arkham insight , the launchpad transferred 120,000 SOL, worth about $22.88 million, to Kraken. Noteworthy, SOL is currently trading at $190.08, corresponding with a 2.94% drop in the past 24 hours. Due to the current price drop, the transferred funds is equivalent to approximately $22.7 million. Following the latest move, the Pump Fun fee account currently holds 172,000 SOL and 101,000 JITSOL. These assets are valued at approximately $55.19 million. Despite the strong claims around selloffs, the reason for the transfer remains unknown. The funds come from the Pump Fun generated fee revenue from its platform since its inception. While Pump Fun has continued to deny selloff claims , the recent transfer bears resemblance to an earlier one made in November 2024. At the time, Pump Fun sold 36,400 SOL worth approximately $6.77 million. The memecoin launchpad moved these funds to Kraken to complement an earlier deposit of 90,000 SOL, valued at about $14.97 million. At the time, market watchers believed that Pump Fun chose to Kraken as the liquidating exchange because of its high liquidity. The Solana Launchpad’s Rise and Growing Fall Amidst all these transfer, the memecoin launchpad has faced several challenges in recent times. As it recorded explosive growth, so did it come under intense scrutiny following its launch in the beginning of last year. In the first week of December 2024, the platform faced a ban in the UK following a warning from the country’s financial regulator. It started with UK’s Financial Conduct Authority (FCA) issuing a warning stating that the platform “may be providing or promoting financial services or products without our permission.” To ensure users’ safety, the regulator advised the public to avoid dealing with the platform and warned of the potential risks of losing funds. In response, Pump Fun updated its website and terms of service to block UK users. In addition to this, the protocol has had to suspend its livestreaming service owing to user abuses and compliants. The post Solana’s Pump Fun Moves 120,000 SOL To Kraken, Selloff Incoming? appeared first on CoinGape .

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