On January 7, Solana’s Pump.fun transferred another $20.49 million worth of SOL to Kraken. The platform has made multiple transfers to Kraken exchanges since the start of the year, with some pointing at a potential selloff.
Nevertheless, after all transfers, Pump.fun now holds only about $27.1 million in holdings.
Pump.fun has moved $340 million to the crypto exchange Kraken
According to Onchain Lens, Pump.fun transferred 98,593 SOL to Kraken again on January 7, worth $20.49 million. Cumulatively, the platform has already transferred about $340 million to Kraken, equating to 1,662,648 SOL.
The Solana-based meme coin launchpad has been making huge transfers into Kraken since the beginning of the year. On January 1, 2025, Pump.fun deposited 120,000 SOL into the crypto exchange, valued at $14.76 million. On January 2, it made additional deposits to the crypto exchange, transferring 63170 SOL, valued at $13.1 million. At the time, the memecoin launchpad had collectively deposited 1,564,055 SOL worth $322M into Kraken.
Despite all the transfers, the platform still accounts for more than 70% of all token launches on the Solana network. Moreover, the platform has been responsible for roughly 56% of decentralized exchange trading on Solana in 2025.
Some analysts believe Pump.fun may want to sell
Analysts pointed out that Pump.fun has been making several deposits since late 2024, hinting at the possibility of a sell-off. Some even believe the it chose Kraken Exchange due to its high liquidity.
The platform is still reeling from its losses from leaving the UK market in December 2024. Its troubles in the UK began when the UK Financial Conduct Authority (FCA) warned the public that the platform may have been providing or promoting financial services or products without its approval.
The authority then advised users to stop using the platform, cautioning them that they could lose their funds. Pump.fun then followed with an update on its website and terms of service to block UK users.
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