Pump.fun sells SOL for $16 million
Pump.fun sends $16M in SOL to Kraken amid memecoin rebound.
Pump.fun, a Solana-based meme coin launchpad, has sent over $16 million worth of SOL to Kraken, triggering renewed speculation about profit-taking behavior as interest in Solana’s meme coin sector rebounds.
On-chain data from Lookonchain shows the platform deposited 105,233 SOL—valued at nearly $15.86 million—into Kraken, raising its cumulative Kraken transfers to over 3.2 million SOL, or $591 million at recent prices, reports Cryptopolitan.
The timing of the deposits has caught analysts’ attention. Just last week, Pump.fun sent 117,913 SOL to Kraken and sold 264,373 SOL for $41.64 million in USDC. The frequency of these transactions—also recorded in January, February, and March—has led to questions about whether the platform’s withdrawals are weighing on Solana’s price during moments of speculative frenzy.
Profit-taking or pressure on Solana?
Pump.fun earns revenue through trading fees and early token holdings, allowing it to benefit from waves of meme coin speculation. The latest transfer is seen by some as a strategic effort to convert holdings to stablecoins or fiat while sentiment is high. However, critics argue that regular profit-taking—particularly in the form of large SOL withdrawals—could harm Solana’s broader ecosystem by adding sell pressure during periods of retail euphoria.
Memecoin sector struggles with trust
The meme coin market on Solana has faced reputational challenges after high-profile scams and collapses, including LIBRA, a project falsely linked to Argentine President Javier Milei. The LIBRA rug pull, along with the fading hype around Trump-themed tokens, significantly dampened investor sentiment earlier this year.
Pump.fun itself saw a 50% drop in token launches after its livestream feature underperformed and user interest waned. Yet recent activity hints at a rebound, as Solana memecoins begin to regain traction and Pump.fun works to reestablish its early-year momentum.
Despite ongoing concerns about sustainability and the risks of market manipulation, Pump.fun’s behavior continues to reflect the cyclical—and often volatile—nature of the meme coin economy.
Recently we wrote that Dylan Kerler, co-founder and developer of the "meme coin factory" Pump Fun, is facing accusations over alleged rug pulls dating back to 2017.
