According to Lookonchain data, Pumpfun deposited an additional 148,759 Solana to Kraken today. The new deposit brought the total tokens deposited to the centralized exchange to 2,280,377, worth $462 million.
Lookonchain, an on-chain analytics platform, reported that Pumpfun deposited more Solana tokens to the centralized exchange Kraken. The analytics platform revealed that the Solana-based meme-coin deposited SOL worth $28.22 million, bringing the total deposits to 2,280,377.
Pumpfun deposits 148,279 SOL to Kraken again
Lookonchain revealed that Pumpfun had sold 264,373 Solana for over $41 million, accumulating 2,727,677 Solana. On February 7, Pumpfun made a similar transaction by depositing 140,285 SOL worth $26.61 million to the centralized exchange.
Pumpfun(@pumpdotfun) deposited 148,759 $SOL($28.22M) to #Kraken again 30 mins ago.
So far, #Pumpfun has deposited 2,280,377 $SOL($462M) to #Kraken and sold 264,373 $SOL for 41.64M $USDC.#Pumpfun has earned a total of 2,844,614 $SOL($540.5M).https://t.co/nV7J1QTdGv pic.twitter.com/oD5Lbv6xld
— Lookonchain (@lookonchain) February 13, 2025
According to Lookonchain data, this followed a series of deposits where Pumpfun previously transferred 2,131,617 SOL worth over $400 million to Kraken.
After the deposit on Feb 7, the $ SOL/$ USDT trading pair on Kraken recorded a slight decline of 1.2%, dropping from $190.05 to $187.83 in 15 minutes. The decline suggested the market might have reacted to potential increased selling pressure triggered by Pumpfun’s holdings.
The currency pair’s trading volume also increased by 35%, amounting to $1.2 million Solana traded within the same time. According to Coinmarketcap, other Solana-related tokens such as Serum($SRM) or Raydium ($RAY) also recorded increased trading volumes shortly after the deposits.
Arkham data also revealed that on January 2, the launchpad transferred 120,000 SOL worth approximately $22.88 million to Kraken. Shortly after the transfer, Solana experienced a 2.94% drop in 24 hours.
Lookonchain data suggested the possibility of a sell-off in November; however, Pump Fun responded to the analytics platform, denying the allegations. Lookonchain later acknowledged the misunderstanding, citing that asset transfers to exchanges do not necessarily translate to sales.
The launchpad reportedly halted its sales after September 19, when it shifted to depositing SOL into Kraken. Market watchers commented that Kraken deposits may indicate Pumpfun intends to sell in the future, given its previous history of on-chain SOL sales. However, due to Pumpfun’s denial of a sell-off and lack of onchain data, the nature of the transactions remains unknown.
Pumpfun was launched in January 2024 to enable users to create tokens on the Solana ecosystem. Initially, the platform required fees to launch tokens; however, after a few months, the service was free to its users.
Pumpfun suspends live stream feature following backlash
Dune data revealed that Pumpfun drove 62.3% of all decentralized exchange transactions on Solana in November 2024. Despite its success, Pumpun reportedly faced criticism for its inappropriate content on its live streaming feature. The platform was accused of unethical behavior that promoted meme coins.
Pumpfun responded to the criticism by suspending its live stream feature indefinitely. The platform’s official announcement revealed it had experienced unprecedented growth within the year.
It added that the number of live streams grew over 100 times in a week. Pumpfun said that with the growth, abuses were reported on the platform. Pumpfun acknowledged it had stayed active in taking down the content from the platform.
The platform added it had also doubled its human moderators and continued to invest in moderation systems to enable moderators to deal with inappropriate content swiftly. It said that it had opted to halt the livestream to ensure the safety of its users.
Pumpfun promised to ensure the platform grew stronger through the challenges faced. It added that it planned to be more transparent in its publishing guidelines to avoid similar occurrences in the future.
According to community updates, there was an alleged report of one user who committed suicide after using the platform to farm memecoins. Other reports made on the platform included a user who allegedly commented he would kill children if his meme coin failed to reach his desired market cap.
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