Pump.fun Fee Account Moves $200 Million Worth of Solana to Kraken; Whats Going On?
Solana-based meme coin launchpad Pump Fun has drawn the wider communitys attention following recent transfers. According to Lookonchain data, Pump Fun has continued its huge Solana deposits to centralized crypto exchanges. At press time, the figure had exceeded 998,869 SOL, about $200 million, with traders monitoring asset movements.
On July 29, the platform deposited 65,000 SOL worth approximately $15.2 million, raising the total amount deposited on Kraken to 798,869. Out of this number, the platform sold 264,373 worth over $41 million. A series of sales followed this move as the crypto continued to soar.
Lookonchain flagged another transaction on Dec 2 after the platform shipped 100,000 SOL worth $22.47 million to Kraken. This raised total flows to $176 million, while a similar 100,000 SOL transaction today raised total fund movement to $200 million. Pump Fun has earned a total of $381 million, or 1,595,278 SOL.
Profit Taking Sparks Sales
The platforms increased sale of crypto assets comes as Solanas price recorded bullish inflows in the last 30 days. This follows wider market momentum since the United States election, with traders anticipating a larger jump. Profit-taking has driven withdrawals as the price moves up to new levels not recorded in months.
Solana trades at $241, making a 2% jump in the last 24 hours and a larger 42% monthly surge. This year, the asset is up 279%, outpacing rival Ethereum, and is tipped to lead the altcoin season. Solana has attracted institutional flows, notching consecutive weekly flows and notable whale accumulations. The anticipated approval of spot Solana ETFs is another bull driver in the market.
Users React To Huge Outflows
Amid skyrocketing prices in the past weeks, crypto users fear large SOL outflows could impact market sentiments. Traditionally, movement to centralized crypto exchanges points to a sale due to the ease of such transactions, while flows off exchanges show signs of long-term holdings.
However, other users gave a conflicting opinion that not all assets would be sold. X (former Twitter) user @defimefidefi explained;
sending funds to cexes doesnt always mean selling but its good to know the biggest dapp of this cycle is using Kraken as a cold wallet.
Text source: ZyCrypto
