KeyTakeaways:
- Pumpfun deposited 148,759 SOL ($28.22 million) to Kraken, pushing total deposits to $540 million.
- A market dip followed a major deposit, highlighting potential selling pressure from Pumpfun’s holdings.
- After criticism, Pumpfun suspended its live-streaming feature to address inappropriate content.
Pumpfun has once again deposited a large sum of Solana tokens into Kraken, transferring 148,759 SOL valued at approximately $28.22 million. This latest deposit brings Pumpfun’s total contributions to the exchange to 2,280,377 SOL, now exceeding $540 million. The deposit occurred Thursday, marking another move in the Solana-based meme-coin launchpad’s ongoing engagement with the popular cryptocurrency exchange.
This transfer is part of Pumpfun’s continued activity on Kraken, where it has already deposited significant amounts of Solana over the past weeks. Earlier in February, the platform deposited an additional 140,285 SOL worth $26.61 million, contributing to its cumulative total. Pumpfun has moved 2,280,377 SOL to Kraken, which is currently valued at an impressive $462 million, based on the latest market rates.
Market Reactions to Increased Deposits
The frequent deposits have not gone unnoticed in the market. Following the deposit on February 7, the $ SOL/$ USDT trading pair on Kraken saw a 1.2% decline within 15 minutes, from $190.05 to $187.83. This brief drop suggests the market may be responding to the increased selling pressure from Pumpfun’s holdings. Trading volume also spiked by 35%, reflecting heightened activity in Solana-related assets.
On January 2, Pumpfun transferred 120,000 SOL, worth around $22.88 million, to Kraken. That transaction was followed by a 2.94% drop in Solana’s price within 24 hours. Despite some initial concerns about possible sell-offs, Pumpfun has denied any intentions to liquidate its holdings, explaining that asset transfers to exchanges do not necessarily equate to sales.
In addition to its financial maneuvers, Pumpfun faced backlash over inappropriate content on its live-streaming feature. The platform, which had previously grown rapidly, suspended the live-streaming option indefinitely in response to criticism. It acknowledged the negative impact on users and promised to continue improving moderation systems.
