⚡ Pump.fun Pushes Over $300M Through Kraken
posted 2 Jan 2025
Solana’s memecoin platform Pump.fun recently transferred 120,000 SOL to Kraken, a centralized crypto exchange, valued at $24.9 million at current market rates.
Pump.fun’s recent transaction has boosted its SOL deposits on Kraken to a total of 1,500,893 SOL, valued at approximately $313 million.
At the time of writing, a significant portion had already been sold. The platform still holds 71,029 SOL, worth over $14.7 million, plus an additional $24.4 million in Jito Staked SOL.
Total Asset Breakdown for Pump.fun. Source: solscan.io
The significant volume of assets managed by Pump.fun underscores the platform’s extensive activity within the memecoin ecosystem.
Pump.fun Account Transaction Tracker. Source: solscan.io
However, indicators suggest a potential decrease in activity. Daily token trading volumes on Raydium have been trending downward since reaching a peak of $2.58 billion on November 19, 2024. Similarly, daily platform revenues have fallen from $5.31 million on November 24, 2024, to $2.12 million as of January 1, 2025.
The slowdown in Pump.fun’s activity is leaving a noticeable mark on Solana’s economic landscape. As reported by The Block, Solana’s real economic value has fallen dramatically—from a high of $27.6 million on November 24, 2024, to just $4.65 million on December 30, 2024. Weekly transaction fees have mirrored this decline.
This relationship reveals Solana’s reliance on platforms like Pump.fun and the broader dynamics of the memecoin market.
Decline in Solana Token Holders Since November. Source: Dune Analytics
Factors Behind the Decline in Pump.fun Activity
Last month, Chainalysis, a leading blockchain analytics firm, expanded its Solana token coverage to include memecoins launched via Pump.fun. The company’s Product Director noted that this update would enhance governments’ ability to investigate fraud and market manipulation. Chainalysis, known for its collaboration with global law enforcement, exchanges, and insurers, brings added scrutiny to the platform.
Compounding these challenges, Pump.fun suspended its streaming feature last month after criticism over content that many deemed unethical or harmful.
Together, regulatory pressure, an oversaturated memecoin market, and reputational damage have led to a noticeable decline in the platform’s activity.
