PumpFun Offloads $7.81 Million in Solana (SOL) to Kraken, Continuing Trend of Major Transfers

In a significant transaction that reflects trends within the Solana ecosystem, PumpFun, a memecoin launchpad, has moved a substantial quantity of Solana (SOL) tokens to the Kraken exchange. Recent data indicates that 54,113 SOL, valued at approximately $7.9 million, were transferred to the trading platform. This move marks yet another instance of liquidity being potentially taken off the market, sparking discussions regarding its implications for Solana’s price stability.

Ongoing Trend of Large Solana Transfers

This transfer is part of a larger pattern where PumpFun has reportedly offloaded an impressive total of 1,570,000 SOL in 2023 alone. Back on January 2, it was reported that the launchpad had transferred 120,000 SOL, equivalent to around $22 million, to Kraken. The volume of Solana being shifted to centralized exchanges raises eyebrows among market observers, who often correlate such activity with bearish pressure on the asset.

Just in: PumpFun (@pumpdotfun) deposited 54,113 $SOL valued at $7.9M, into #Kraken.

In 2023, total movements have reached 1,570,000 $SOL worth $290M, raising questions.

Overall holdings stand at about 3,233,000 $SOL valued at around $470M.

— Onchain Lens (@OnchainLens) March 25, 2025

Moreover, last month alone saw another transfer of 150,000 SOL, valued around $29 million, adding to the series of movements. Data from Onchain Lens reveals that more than 1.5 million SOL have exchanged hands this year, totaling around $290 million, frequently applying considerable selling pressure on Solana’s market.

While initial assumptions suggested that PumpFun may be liquidating its SOL holdings, some analysts propose that the platform could have strategic motives behind these transfers. The recent activity invokes contemplation about its possible effect on the recent consolidation of Solana’s price that exhibited slight upticks earlier in the week.

Introducing PumpSwap: A New DEX

In a strategic initiative aimed at revamping its standing, PumpFun has unveiled PumpSwap, a decentralized exchange that provides participants in its ecosystem a more streamlined way to engage in trading memecoins. This DEX promises to decrease reliance on centralized platforms such as Kraken, thereby striving to enhance liquidity across the Solana blockchain.

This launch comes amid ongoing scrutiny concerning PumpFun’s operational practices amidst substantial selloffs. It remains uncertain if this new platform can fully allay investor concerns, especially with continuous large-scale SOL transfers lending an air of uncertainty to the platform’s overall credibility.

Market Reactions and Solana’s Price Outlook

Despite the flurry of transfers initiated by PumpFun, Solana’s price has shown notable resilience. After the transfer involving 148,759 SOL in February, reported data indicated that SOL dipped by a mere 1% before promptly rebounding. The enduring stability raises questions among market observers regarding whether Solana can maintain its consolidation phase or is poised for an upward breakout soon.

Market sentiment appears divided. Research from investment firm VanEck posits that should the broader market conditions remain favorable, SOL might surge to a staggering $525 in the long term. However, continuations of heavy selloffs and large capital moves by entities like PumpFun could potentially act as hindrances to this bullish outlook.

At the time of writing, CoinMarketCap reflects Solana trading at approximately $144.15, showing a slight increase of 1.8% over the last day. As momentum builds in the cryptocurrency landscape, the actions of PumpFun and the market’s response will remain focal points for both traders and investors seeking to navigate the evolving environment of digital assets.