The memecoin extraction platform Pump.fun transferred an additional 120,000 SOLcoins to the Kraken exchange on January 1, with an estimated market value of approximately $14.76 million. This transfer is being closely monitored as it is seen as a pressure factor on the price of SOL coins.
Transfers Surpass 1.5 Million SOL
With this latest transfer, the total amount of SOL sent to the Kraken exchange by the Solana-based memecoin platform Pump.fun has reached over 1.5 million. The total value of these transfers exceeds $300 million. The platform has sold 264,373 SOL so far, generating $41.64 million in USDC.
Currently, Pump.fun holds 70,284 SOL in its commission account, valued at $14.4 million. Additionally, there are SOL staked with Jito worth $24.4 million in the account.
Data Indicates Decrease in Platform Activity
However, data related to the Pump.fun platform shows a significant decline. Token transactions on the decentralized exchange Raydium have decreased since reaching a peak of $2.58 billion on November 19, 2024. Daily revenues of the platform have also dropped from $5.31 million on November 24, 2024, to $2.12 million by January 1, 2025.
Similarly, the total economic value of the Solana network has also declined, dropping from $27.6 million on November 24, 2024, to $4.65 million as of December 30, 2024. There has been a similar decrease in weekly transaction fees.
Last month, blockchain analytics company Chainalysis began examining the memecoins created by Pump.fun. The company’s product director indicated that this development could be used to detect fraud and sudden price drops.
