Pump.fun continues to cash out of the Solana ecosystem after depositing around $20M worth of SOL to Kraken. For the year to date, Pump.fun has already sold an estimated $405M of SOL through exchanges.
Pump.fun sent another tranche of SOL to Kraken following its latest sale of 156K SOL at the end of May. This time, the platform deposited 132,180 SOL, valued at $20.87M. Pump.fun continues to cash out roughly every two weeks or even more often while retaining its top spot as a fee producer. The recent deposits to Kraken have surpassed the whole of 2024 when Pump.fun cashed out an estimated $303M.
On-chain data shows Pump.fun gained access to over 2.47M SOL, but chose to avoid staking, DeFi uses or other forms of passive income, instead seeking to cash out directly through Kraken.
Just In: PumpFun has deposited 132,180 $SOL, worth $20.87M, into #Kraken.
In 2025, they sent a total of 2,476,697 $SOL, valued at $404.64M.https://t.co/0XcZjkFZmN pic.twitter.com/ePQKWNfajj
— Onchain Lens (@OnchainLens) June 10, 2025
The latest move solidifies Pump.fun’s reputation for extracting value from the Solana ecosystem while only partially compensating token creators and liquidity providers. The paradox of Pump.fun is that it managed to cash out $400M, while also seeking another $1B from potential token buyers in an eventual token creation event.
Other wallets belonging to Pump.fun retain just over $100M in SOL, while another address contains an additional $68M. In total, Pump.fun has its reserves near an all-time high, for over $191M.
Pump.fun still indirectly supports other Solana apps, paying fees to its top counterparties, including the Jupiter aggregator and router. The platform still remains the biggest attractor of users, as well as the main venue for launching new tokens.
Pump.fun still retains most of its revenues, potentially breaking the earnings record of 2024 for realized gains. | Source: DeFi Llama
One of the activity drivers was the expectation of an airdrop or some kind of recognition for the activity. Pump.fun managed to cash out what amounts to a sizeable ICO. Only in the past couple of months the platform shared its fees, paying out around $700K to liquidity providers and selected token creators.
Pump.fun produces fewer cult tokens
Despite this, only under 2% of Pump.fun traders make above $1,000, with most serving as exit liquidity. Pump.fun did create a handful of cult tokens, as its initial usage was to create cultural movements and shift away from VC-backed tokens.
As of June 2025, cult tokens from Pump.fun are valued at around $4.27B, led by FARTCOIN. New cult tokens are coming less regularly, with HOUSE being the hottest asset created recently. It is still rare for Pump.fun tokens to make it big, with only a handful listed on major exchanges.
The graduation rate of Pump.fun tokens are near historical lows, with only 0.81% of new memes moving to DEX trading and even fewer gaining significant valuations. Only one token is valued at over $1B, and only six retain a market cap above $100M, while previously reaching a $500M valuation was easy for even relatively new assets.
The platform still launches around 30K tokens daily, with fewer social media trends. Instead, there are signs of increased bot sniping and rapid shifting between meme themes. There are also fears that the launch of a native Pump.fun token may take some of the liquidity from memes.
