Pump Fun has transferred 120,000 SOL to Kraken. Arkham Intelligence, an on-chain platform, spotted the transaction valued at over $14 million. Data shows the transfer is worth $14,761,400 at the prevailing market price.
Pump Fun Transfer Trail
Notably, the transfer occurred on January 1 and takes the cumulative deposit on the Solana-based memecoin launchpad to 1,500,893 SOL. That is over $300 million worth of the assets on the centralized crypto exchange. In a post on X, Lookonchain, an on-chain analytics platform, placed the figures at $303 million.
Pump fun deposited 292,437 $SOL($55.5M) to #Kraken again today after 23 days.
So far, #Pumpfun has deposited 1,500,893 $SOL($303M) to #Kraken and sold 264,373 $SOL for 41.64M $USDC.#Pumpfun has earned a total of 2,016,391 $SOL($398M).https://t.co/eO2OHLWL0c pic.twitter.com/UG8RjIYa1N
— Lookonchain (@lookonchain) January 2, 2025
Meanwhile, a total of 264,373 SOL valued at 41.64 million USDC has been sold, as highlighted by Lookonchain. The transaction earned Pump Fun a cumulative 2,016,391 SOL, equivalent to $398 million.
As of the current standing, the Pump Fun fee account contains 70,284 SOL. This amount is worth over $14.4 million, with an additional $24.4 million in Jito Staked SOL.
Revenue Decline and Stakeholder Concerns
Pump Fun latest transfer comes on the heels of a steady decline in several metrics. The platform has experienced a considerable decline in revenue. Notably, on November 24, 2024, the platform recorded a daily revenue of $5.31 million. However, as of January 1, 2025, the figure has plummeted to $2.12 million.
Market experts say this mirrors the real economic value of Solana. SOL dropped from a high of $27.6 million to $4.65 million within the same time frame. Solana lost a significant $22.95 million in about 5 weeks. The weekly transaction fees on the network have also declined, raising concerns.
Commenting on the development, ACE|XAE (@Ace_All_In) on X insisted the decline being recorded resulted from Pump Fun activity. He explained that the Pump Fun team consistently extracts from the “shitters” and dumps on Solana daily. This, he noted, was affecting other projects and making investors broke.
Regulatory Scrutiny and Community Backlash
Some stakeholders have also expressed concerns about the Pump Fun activity. In November, Pump Fun’s streaming feature received backlash for broadcasting content many argued was harmful. This led to suspending the platform’s live stream and a plunge in user activities.
Furthermore, last month, the Director of Product at Chainalysis, a leading blockchain analytics provider, called on the authorities to investigate the asset. “Government can look into the scams and rug pulls,” he stated.
