Solana-based meme coin launchpad Pump.Fun has transferred an additional $22 million worth of Solana (SOL) to Kraken, raising its total outflows to over $94 million in the past month, according to blockchain data from Solscan. The move has sparked concerns among crypto users that the platform might be offloading large amounts of SOL, potentially affecting the asset’s price.
Pump.Fun’s co-founder, Alon, addressed the speculation on social media, stating that transferring assets to an exchange does not necessarily imply they are being sold. The on-chain data account Lookonchain, which initially suggested the Solana was sold, later clarified it could not verify this claim.
Since its launch in January 2024, Pump.Fun has generated more than $220 million in revenue, according to DefiLlama. However, a portion of that revenue appears to have been moved off-chain or sold, prompting criticism from the crypto community about its impact on Solana’s market dynamics. Critics have compared Pump.Fun’s actions to those of the Ethereum Foundation, which has previously faced scrutiny for moving Ethereum to exchanges, often seen as a bearish signal.
Despite these controversies, Solana has experienced significant growth, recently reaching an all-time high of over $260 before a slight retracement. Pump.Fun has played a substantial role in Solana’s ecosystem, driving over 62% of the network’s decentralized exchange (DEX) transactions in November and facilitating the creation of nearly 4 million tokens since its inception.
