Pump.fun sends $16M SOL to Kraken, cashing in as Solana memes show sign of life
By: bitcoin ethereum news|2025/05/03 13:30:03
0
Share
Pump.fun, the meme coin launchpad on Solana that went viral last year, is once again making headlines after sending about $16 million worth of SOL to the crypto exchange Kraken, fueling speculation that the platform is taking profits amid renewed activity in the Solana meme coin ecosystem. According to on-chain data shared on X by blockchain analytics platform Lookonchain, Pump.fun deposited 105,233 SOL worth $15.86 million at the time, to Kraken. This move takes the Pump.fun’s deposits to Kraken to 3,202,498 SOL, which is worth $591 million at $185 per SOL. Pump.fun has become a major player in the Solana memecoin ecosystem since last year, offering users a simple interface to launch and trade meme tokens on the go. The platform reportedly earns a cut of trading fees and also benefits from tokens it launches, giving it ample opportunity profit from the wild swings of the meme coin market. These recent deposits also suggest renewed interest in Solana memecoin projects. Pump.fun deposits indicate changing investor mood The consistent profit-taking by Pump.fun suggest that is proof that the platform regularly capitalizes on the cyclical meme coin hype, converting its SOL into stablecoins or fiat as interest spikes. Roughly a week ago, Lookonchain reported that Pump.fun deposited 117,913 SOL worth $18.26 million, taking its Kraken deposits to 3,097,265 SOL($575 million). It also sold 264,373 SOL for 41.64 million USDC at $158. On-chain data indicate that Pump.fun also made large deposits in early April, late March, February, and in January, all to Kraken. However, the recent deposits and the short interval between them have increased speculation, with some quarters accusing the platform of wider profit taking at the detriment of SOL. Critics argue that meme coin platforms encourage reckless speculation and rug pulls. They also finger Pump.fun’s regular SOL transfers as doing more harm than good to Solana’s ecosystem. Despite concerns over market manipulation and sustainability, Pump.fun’s transfers appear to align with renewed optimism around Solana’s meme coin economy. Solana memecoins hemorrhaged value to scams and profit-taking Memecoin projects, especially those hosted on Solana before now, have been relatively quiet following the sharp drop in market cap of President Donald Trump’s official memecoin, TRUMP, as well as that of his wife, MELANIA. The market was further shaken following the collapse of the LIBRA project endorsed by Javier Milei, Argentina’s president, which rode on the popularity of the TRUMP memecoin. LIBRA happened to be a scam and was reportedly launched by bad actors who rug pulled investors and dealt the memecoin market a huge blow as interests fell to an all-time low. The impact of the LIBRA’s collapse and the attendant apathy for memecoins affected Pump.fun’s revenue which was already taking hits following the failure of its livestream feature launch. Pump.fun endured over 50% decline in token launches, with some commenters predicting that the figure could drop further. However, it appears to have weathered that lull as the platform tries to regain the pace of token launches in January 2025. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot Source: https://www.cryptopolitan.com/pump-fun-sends-sol-to-kraken-solana-memes/
You may also like

Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion
Overview of Important Market Events on June 25

From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework
Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.

Why do cryptocurrency projects always like to change their names?
In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.

Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet
The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...

Who is footing the bill for the $64 billion accounting frenzy?
Affected by Bitcoin falling below $60,000, publicly listed companies heavily invested in this asset are facing huge paper losses and valuation discounts, and their debt structure and accounting standards may trigger structural liquidity risks in the future.

I never expected that the first application of AI x Crypto would be in security auditing
AI has accelerated attack efficiency and also promoted the upgrade of defense systems. The security audit sector is undergoing a transition from a dividend model to a competitive model.

What is your view on Binance's competitive advantages?
When the dividends of rule arbitrage gradually approach zero, can we produce product strength, governance capability, and trust that are commensurate with its scale?

ETH has entered a non-consensus phase, and the turning point is approaching!
This has nothing to do with the Ethereum Foundation or Ethlabs; Ethereum needs to win by solving real problems.

The shift in the cloud of the air: from despising stablecoins a year ago to the high-profile entry of capital today
It can continue to question the cost-effectiveness of stablecoins in the G10 currency corridor, but it cannot ignore the structural opportunities of stablecoins in emerging markets, corporate finance, and on-chain settlements.

The survival dilemma of small and medium exchanges behind the withdrawal anomalies exposed by AscendEX
The living space is constantly being compressed.

Why Is Bitcoin Falling Below $60K? 5 Key Market Drivers Explained
Bitcoin has dropped sharply amid ETF outflows, Strategy stock weakness, AI stock rallies, and changing Fed expectations. Explore the key forces driving BTC’s latest correction and what traders should watch next.

Bitcoin vs. Gold in 2026: Which Asset Performs Better in Different Markets?
Bitcoin vs. gold in 2026: Why are both assets falling, and what does their changing correlation mean? Discover what drives Bitcoin and gold prices and how traders can navigate different market conditions.

Morning News | The draft amendment to the People's Bank of China Law aims to clarify the legal status of digital renminbi; South Korea will transfer about 40 unregistered virtual asset service providers to law enforcement agencies
Overview of Important Market Events on June 24

The cryptocurrency industry has entered the "Show Me" era: merely relying on vision is no longer enough
The awareness level of the audience in the cryptocurrency industry—including media, institutions, and retail investors—is steadily increasing, and this trend has become a foregone conclusion.

Interpreting the Ethereum Foundation's new structure: Reaffirming self-sovereignty amid institutional trends
The Ethereum Foundation has announced a new five-layer working framework, clarifying the focus of future development and reaffirming its commitment to decentralized core values amidst the wave of institutionalization.

Former SpaceX engineer reconstructs the financial execution system using first principles
Plan Execution Lab completes angel round financing for Singapore family office, with a valuation of 50 million USD.

Standard Chartered Bank sings a 50x rhapsody again, aiming for AAVE to reach 3500 USD
The throne of DeFi lending still exists, but the foundation beneath the throne needs to undergo a reconstruction or reinforcement.

Tidal Investment: We still have a positive outlook on the AI industry chain, but the reasons have changed
The intense financing by tech giants has triggered a panic of "AI peak," but the soaring capital expenditures of the five major cloud vendors and the bottlenecks in physical infrastructure indicate that the AI investment cycle is far from over; the second half of this grand performance has just begu...
Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion
Overview of Important Market Events on June 25
From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework
Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.
Why do cryptocurrency projects always like to change their names?
In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.
Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet
The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...
Who is footing the bill for the $64 billion accounting frenzy?
Affected by Bitcoin falling below $60,000, publicly listed companies heavily invested in this asset are facing huge paper losses and valuation discounts, and their debt structure and accounting standards may trigger structural liquidity risks in the future.
I never expected that the first application of AI x Crypto would be in security auditing
AI has accelerated attack efficiency and also promoted the upgrade of defense systems. The security audit sector is undergoing a transition from a dividend model to a competitive model.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com


