The post Pump.fun Hits $372M Revenue with SOL Transfers to Kraken appeared on BitcoinEthereumNews.com.

Pump.fun, a prominent decentralized application (dApp) platform, has demonstrated significant activity in its revenue generation and fund management strategies, recently hitting total earnings of 1,661,078 SOL ($362M). This milestone has been marked by a series of high-value deposits to the Kraken cryptocurrency exchange, suggesting ongoing liquidity management and market participation. According to Lookonchain, Pump. Fun has transferred substantial amounts of SOL tokens to Kraken on multiple occasions within the past few hours. Five hours ago, the platform deposited 109,587 SOL, equivalent to $24.3M. This followed an earlier deposit of 100,000 SOL ($23.45M) just two hours prior. These transactions contribute to a larger trend of Pump. fun using centralized exchanges like Kraken to manage its financial activities. Cumulatively, the platform has deposited 998,869 SOL ($200M) to Kraken, emphasizing the scale of its operations. Notably, 264,373 SOL have been converted into 41.64M USDC, showcasing Pump.fun’s capability to manage liquidity across assets effectively. The revenue figures further highlight the platform’s impressive growth trajectory. At the time of reporting, Pump.fun’s total revenue stood at 1,595,278 SOL, equivalent to $381M, solidifying its position as a high-performing player in the Solana ecosystem. Notably, 1,363,242 SOL ($265M) of these earnings were derived from sales on decentralized exchanges (DEXs) and subsequent deposits to Kraken, reflecting an intricate strategy of trading and liquidity provision. These activities underscore Pump.fun’s ability to integrate decentralized and centralized financial mechanisms effectively, optimizing for both revenue generation and market operations. On-Chain Activity, Solana Impact, and Future Prospects The on-chain data reveals a pattern of consistent and sizable transactions. Within the last month, Pump.fun has made multiple large deposits to Kraken, each ranging from 36,400 SOL to 105,000 SOL. The largest single transaction, a 109,587 SOL deposit, occurred today, valued at $24.3M. These deposits follow earlier transactions that cumulatively demonstrate strategic liquidity management. The timing…

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Filed under: News - @ December 11, 2024 3:23 am