Another Batch Heads to Kraken
Pump.fun is selling into the crash again. Onchain trackers reported earlier today that the memecoin platform had deposited 64,666 $SOL, worth about $5.19 million, into Kraken roughly seven hours earlier.
This is not unusual. The platform has made similar deposits repeatedly in the past because it earns fees in $SOL whenever users launch and trade memecoins. It regularly converts these funds into revenue by sending them to exchanges. According to Arkham’s Pump.fun entity page, the platform has now sold 5,618,499 $SOL for about $887.6 million, at an average price of $158.
Onchain analyst EmberCN described the accumulated $SOL as fee revenue and estimated that Pump.fun had sold about 5.69 million $SOL, worth roughly $898 million, since early 2024.
Selling at Double Today’s Price
In hindsight, the timing of those past sales looks favorable: $SOL traded near $75.76 early Saturday, after reaching a low of about $74.85. That is down about 16% over seven days, 26% over 30 days and 74% from its January 2025 all-time high of $293.31.
At today’s price, the 5.62 million $SOL sold by Pump.fun would be worth about $426 million. By selling at an average price of $158, the platform locked in more than twice that amount. Solana has also had a busy few weeks. Bitcoin.com News reported that DTCC plans to bring tokenized securities to Solana.
Meanwhile, China’s central bank opened a probe into Solana over illegal crypto services. Neither development has been able to halt $SOL’s ongoing decline.
$PUMP Unlocks Hit Coinbase Prime
Pump.fun’s own token is also under pressure. EmberCN reported that three wallets belonging to Pump.fun’s team or early investors transferred 1.458 billion newly unlocked $PUMP, worth about $5.01 million, to Coinbase Prime, Coinbase’s institutional trading platform.
The three wallets hold a combined allocation of 70 billion $PUMP, which began unlocking in July. On Oct. 13, the same wallets transferred the same monthly amount, 1.458 billion $PUMP, to Coinbase Prime, when it was worth about $7.58 million.
The drop in value from one month to the next shows how far the token has fallen. $PUMP is currently trading near $0.0034, down about 61% from its September 2025 peak.
Exchange and prime-broker deposits are usually interpreted as preparation to sell. Back-to-back monthly transfers of unlocked supply add to the overhang on $PUMP.
Looking for Buyers
The deposits come as the broader crypto market faces one of its roughest stretches, with more than $330 million in liquidations occurring in less than two hours. Bitcoin consequently fell below $67,000, while $SOL lost $75. Memecoin activity, which drives Pump.fun’s fees, has cooled along with the broader market.
What happens next depends on whether buyers absorb the supply. Pump.fun has sold $SOL during both rallies and sell-offs, so traders should not expect it to stop. For $SOL holders, the question is whether the $75 area holds as support or whether steady selling from the network’s biggest app continues to push the price lower.
