Update: Pump.fun deposited 65,000 SOL worth approximately $15.23M to Kraken again.
According to a November 26 update from the on-chain data tracking platform On-chain Lens, the Solana-based memecoin launcher Pump.fun just moved 99,999 SOL worth over $23 million to the centralized crypto exchange Kraken. The latest move brings Pump.fun SOL holdings to about 304,324 tokens worth about $70 million, according to data from Arkham Intelligence.
Earlier this month, Pump.fun moved about 90,000 SOL, worth about $14.97 million at the time to Kraken. The memecoin launcher made another transfer to the exchange on November 7 of 78,000 SOL worth $14.91 million at the time. On November 11, Pump.fun made another deposit in Kraken of 43,000 SOL worth $9.39 million.
Onchain Lens further revealed that the memecoin launcher has deposited about 893,242 SOL at an average price of $164 so far. Additionally, Pump.fun has accumulated over 1.487 million SOL in fees and revenue since its launch, currently worth over $344 million. The launcher has also deployed over 3.9 million transactions to date.
Notably, Pump.fun account balances have shown significant growth since 2023, according to data from Arkham Intelligence. More specifically, the memecoin launcher experienced the most significant growth from October this year. However, there has also been significant volatility over the past month due to the increased skyrocketing prices in the crypto industry.
SOL price remains steady despite Pump.fun’s massive liquidations
Solana’s native token SOL has been benefiting from the November bull run, gaining over 61% since the November 5 presidential elections. Three days ago, the coin hit a new all-time high of $263.83. SOL’s price has corrected since then, currently hovering around $230 at the time of writing. The current price is around 13.46% from the ATH recorded on November 23.
Pump.fun’s liquidations since the beginning of the month are worrying the Solana community, increasing speculations of a SOL price plunge. However, despite the coin shedding more than 5% in price in the last 24 hours, there is no indication it was actually due to Pump.fun’s SOL transfer to Kraken. The coin’s trading volume is still high, recording over $7 billion in the past 24 hours and over 33% more than yesterday.
The Solana DEX has also seen massive gains, with its trading volume crossing the $100 billion mark yesterday. According to DefiLlama data, the layer-1 DEX recorded over $109 billion in DEX trading volumes this November as of Monday. The data indicated that the volumes seen were around 109% more than October’s $52.5 billion. Solana’s DEX volumes are partly due to Pump.fun’s popularity and the increase in memecoins launched on the platform.
Pump.fun suspends its live-streaming feature indefinitely
A Community Notice regarding recent events: https://t.co/pZbs2RVekr
— pump.fun (@pumpdotfun) November 25, 2024
Before the transfer, the memecoin launcher had revealed changes to its live-streaming moderation. Pump.fun announced the suspension of its live-streaming service due to concerns about the content circulating on the platform.
In the community update, the platform acknowledged the negative experience some users had, adding it was taking the opportunity to address them ‘openly and directly.’ The platform’s community team also insisted that it was dedicated to providing a safe environment for its users. The announcement revealed that the team had been taking down live streams, videos, names, images, and more to maintain the live-streaming service’s credibility and safety.
The memecoin launcher also confirmed that the service would be stopped indefinitely to increase the safety of its users. Pump.fun assured individual creators of deeper visibility into the decision to help them understand where they stood after the suspension.
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