Pump.fun Moves $16M SOL to Kraken Amid Solana Meme Revival
- Pump.fun recently transferred 105,233 SOL to Kraken, bringing its total exchange transfers to over 3.2 million SOL.
- The platforms frequent profit-taking has sparked debate in the crypto community, with some worried about its impact on SOLs price and ecosystem stability.
Pump.fun, the viral meme coin launchpad platform on the Solana network, is back in the spotlight after the platform moved almost $15.8 million, worth 105,000 in SOL, to Kraken.
According to data shared on X by Lookonchain, Pump.fun sent 105,233 SOL worth $15.86 million at the time to Kraken. This latest move brings the platforms total transfers to the crypto exchange to 3,202,498 SOL, valued at approximately $591 million based on a price of $185 per coin.
Pump.funs Strategic Moves Since Inception
This big transfer sparked conversations within the crypto community, with many suggesting that the platform is taking profits as Solana meme coins gain attention again. On-chain data also shows that Pump.fun made big transfers to Kraken in January, February, late March, and early April.
But due to how often the platform has taken profit, many people believe it could hurt the SOL price and the network in general. While there are concerns about fairness and long-term effects, the moves still seem to reflect growing optimism in the space.
The calculated move also reinforces the narrative that major players and whales often act ahead of the crowd, locking in on gains while others are just getting started.
Since last year, Pump.fun has grown into one of the key names involved in the Solana meme token space, giving users a simple way to create and swap tokens quickly. The site makes money through fees and also gains from the assets it helps launch, allowing it to earn during the ups and downs of the market.
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Read more: https://www.tronweekly.com/pump-fun-moves-16m-sol-to-kraken-amid-solana-meme-revival/
Text source: TronWeekly
