On January 1, the memecoin extraction platform Pump.fun executed a significant transfer of 120,000 SOL coins, valued at around $14.76 million, to the Kraken exchange. This action has drawn attention as traders speculate it might impact the market value of SOL coins.
Exceeding 1.5 Million SOL Transferred?
With this recent transaction, Pump.fun has now moved over 1.5 million SOL to Kraken, amounting to more than $300 million in total transfers. To date, the platform has liquidated 264,373 SOL, bringing in $41.64 million in USDC.
Why is Activity Declining on the Platform?
Despite the high volume of transactions, recent data indicates a worrying decline in activity on Pump.fun. Token trades on the decentralized exchange Raydium fell sharply from a high of $2.58 billion on November 19, 2024, to considerably lower figures in recent weeks.
The recent trends reveal several critical points:
- Pump.fun has transferred over 1.5 million SOL, valued at more than $300 million.
- Daily revenues have plummeted from $5.31 million to $2.12 million in a matter of weeks.
- The overall economic value of the Solana network has dropped from $27.6 million to $4.65 million.
In light of these events, the blockchain analytics firm Chainalysis is investigating the memecoins associated with Pump.fun to identify potential fraudulent activities and sudden market shifts. Observers remain watchful as the situation develops, pondering the future of both the platform and the broader Solana ecosystem.
