Pump.fun moves $20.49 million worth of SOL to Kraken
Solana’s Pump.fun moved $20.49 million in SOL to Kraken, fueling speculation of a sell-off amid regulatory challenges.
On January 7, Solana’s meme coin platform, Pump.fun, transferred another 98,593 SOL—valued at $20.49 million—to Kraken.
This marks the latest in a series of significant transfers since the start of 2025, with cumulative deposits totaling approximately $340 million (1,662,648 SOL), reports Cryptopolitan.
Despite these outflows, Pump.fun still holds about $27.1 million in assets and continues to dominate token launches and decentralized exchange (DEX) activity on the Solana network, accounting for 70% of launches and 56% of trading volume this year.
Analysts Speculate on Potential Sell-Off
Analysts suggest that the repeated transfers to Kraken, known for its high liquidity, may indicate a possible sell-off by Pump.fun. The platform has been offloading assets since late 2024, following regulatory challenges in the UK.
In December 2024, the UK’s Financial Conduct Authority (FCA) warned users against using Pump.fun, citing unregulated financial activities. This prompted the platform to block UK users and update its terms of service, adding pressure to its operations.
Future Outlook Amid Regulatory Scrutiny
Pump.fun’s ongoing transfers and regulatory hurdles highlight the volatility and risks associated with meme coin platforms. While it remains a key player in Solana’s ecosystem, its future moves and market impact are being closely monitored.
Recently we wrote, that Solana-based memecoin platform Pump.fun has experienced a dramatic revenue drop following its decision to disable a controversial livestream feature.
