- PumpFun moved 54,113 SOL worth $7.81 million to Kraken, contributing to over 1.5 million SOL transferred in 2024 alone.
- The launchpad’s frequent transfers have raised concerns, with over $293.26 million worth of Solana moved, creating market uncertainty.
- PumpFun introduced PumpSwap to enhance liquidity, but skepticism remains as large SOL transfers continue to impact market sentiment.
Memecoin launchpad PumpFun has once again transferred a large amount of Solana (SOL) to Kraken. According to data from Onchain Lens, 54,113 SOL worth approximately $7.81 million were moved to the trading platform.
This transfer is part of a growing pattern. PumpFun has offloaded a total of 1,573,313 SOL since the beginning of the year. On January 2, the platform moved 120,000 SOL valued at $22.88 million to Kraken. Additionally, last month, another 148,759 SOL worth $28.22 million was transferred.
Onchain Lens data confirms that more than 1.5 million SOL has been moved in 2024 alone, with a total value of approximately $293.26 million. These frequent transactions contribute to significant selling pressure on Solana.
Speculation Surrounds PumpFun’s Intentions
Despite speculation about whether these transfers indicate large-scale selloffs, some analysts suggest other motives. While the reasons remain unclear, these movements have raised concerns regarding Solana’s market stability. The latest transaction follows a period of mild consolidation for Solana, leading to discussions about its potential impact on price trends.
PumpSwap Launch Seeks to Address ConcernsIn an effort to improve its ecosystem, PumpFun recently launched PumpSwap, a decentralized exchange (DEX) aimed at providing traders and investors with a direct platform for meme coin transactions.
This new product is intended to reduce reliance on centralized exchanges like Kraken. By boosting liquidity within the Solana ecosystem, PumpFun hopes to enhance trading efficiency.
However, skepticism remains as PumpFun continues its large-scale SOL transfers. Some investors believe the launch of PumpSwap is an attempt to divert attention from ongoing concerns about selloffs and transparency.
Solana’s Price Holds Steady Amid Market Uncertainty
Despite the repeated SOL transfers, Solana’s price has remained relatively stable. Following the February 13 transfer of 148,759 SOL, Solana briefly declined by 1.2% before rebounding.
Market analysts remain divided on Solana’s future trajectory. Some predict continued consolidation, while others anticipate a breakout. VanEck projects a long-term price surge to $520 if favorable conditions persist. However, persistent large transfers, like those from PumpFun, could create challenges for the cryptocurrency.
