Pump.fun Moves More SOL to Kraken, Not $PUMP
Pump.fun deposited 86K more SOL to Kraken, totaling $715M in SOL sent—raising doubts about its $PUMP buyback strategy.
- Pump.fun sent 86,254 SOL ($16.22M) to Kraken, skipping $PUMP buyback.
- Total 3.93M SOL ($715.5M) deposited so far at avg price $182.
- Recently sold 264K SOL for $41.64M USDC at $158.
Pump.fun has once again raised eyebrows in the crypto space by transferring another 86,254 SOL (worth approximately $16.22 million) to the Kraken exchange instead of using those funds to buy back $PUMP tokens, as some community members had hoped.
This latest transfer brings the total SOL sent to Kraken to 3.93 million SOL, valued at around $715.5 million, with the average deposit price sitting at $182 per SOL.
A Pattern of Sales, Not Support?
Adding fuel to the controversy, Pump.fun recently sold 264,373 SOL for $41.64 million in USDC, at an average price of $158 per SOL. This sell-off has led to speculation that the platform is focusing more on liquidating assets than supporting its native token, $PUMP.
The community’s frustration stems from the expectation that these SOL holdings—or at least a portion—would be used to drive up demand and support for $PUMP. Instead, the repeated Kraken deposits and large USDC conversions suggest a different agenda, possibly profit-taking or treasury diversification.
Community Questions Grow Louder
With $PUMP holders anticipating buybacks to help maintain or boost the token’s price, these large-scale transfers to Kraken create concern. Many are now questioning whether Pump.fun has long-term plans for $PUMP, or if it’s simply managing its SOL reserves for other strategic or operational purposes.
The absence of any transparent roadmap for $PUMP buybacks, despite large-scale liquidity movements, has left room for skepticism. Whether this trend continues or shifts will be closely watched by the crypto community.
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