Why is Pump.fun moving so much Solana? SOL to crash below $200?
The post Why is Pump.fun moving so much Solana? SOL to crash below $200? appeared on BitcoinEthereumNews.com.
Pump.fun, a prominent platform for launching meme tokens, has once again gripped the attention of netizens following a transfer of 120,000 SOL (approximately $22.88 million at the time) to Kraken, according to an Arkham Insight update. This is the first Solana transfer the Solana launchpad has made in 2025. According to recent data, the platform’s fee account holds 172,000 SOL and 101,000 JITSOL, with a combined value of about $55.19 million. The transaction was followed by another substantial deposit of 292,437 SOL (valued at $55.5 million) to the same crypto exchange, according to LookOnchain. Pump fun deposited 292,437 $SOL($55.5M) to #Kraken again today after 23 days. So far, #Pumpfun has deposited 1,500,893 $SOL($303M) to #Kraken and sold 264,373 $SOL for 41.64M $USDC.#Pumpfun has earned a total of 2,016,391 $SOL($398M).https://t.co/eO2OHLWL0c pic.twitter.com/UG8RjIYa1N — Lookonchain (@lookonchain) January 2, 2025 Over the past month, Pump.fun has deposited a total of 1,500,893 SOL (worth $303 million) to Kraken and sold 264,373 SOL for $41.64 million in USDC. The project has reportedly earned a staggering 2,016,391 SOL (valued at $398 million), sparking concerns among investors who accuse Pump.fun of “dumping” on Solana. Some crypto enthusiasts believe these actions could harm the ecosystem, erode trust, and “depress” the value of SOL. Pump.fun’s controversial rise to success Created by Noah Tweedale, Alon Cohen, and Dylan Kerler, Pump.fun quickly became a go-to platform for memecoin creators in the Solana ecosystem. It allows users to issue meme tokens and reach a vast user base with minimal effort. However, the community has constantly criticized the platform’s business model, which some argue prioritizes profits over the long-term sustainability of the Solana network. In December 2024, the platform removed a live-streaming feature used by some token creators for questionable promotions. Additionally, Pump.fun barred UK users from accessing the site after the Financial Conduct…
Filed under: News - @ January 2, 2025 8:26 am