Pump.fun Moves $20M in SOL to Kraken Amid Sell-Off
Pump.fun deposits another $20M in SOL to Kraken, adding to its $660M total. The sell-off trend continues.
- Pump.fun transferred 132K SOL ($20.87M) to Kraken in 2 hours.
- Total deposits to Kraken now exceed 3.62M SOL ($660.5M).
- Recent sale: 264K SOL for $41.64M USDC at $158 each.
In a span of just two hours, Pump.fun has transferred 132,180 SOL tokens worth $20.87 million to crypto exchange Kraken, signaling continued sell pressure in the market. This isn’t an isolated event—this latest transfer is part of a much larger trend that’s gaining attention.
Over the past several months, Pump.fun has been steadily offloading its SOL holdings to Kraken. According to on-chain data, the total deposits now stand at a staggering 3.62 million SOL, amounting to over $660 million at the average transfer price of $182 per SOL.
Steady Sell-Off at Lower Prices
The selling pressure doesn’t stop at deposits. Pump.fun recently sold 264,373 SOL for 41.64 million USDC, effectively pricing each token at around $158—a significant markdown from earlier values. This indicates a growing urgency or strategic shift, perhaps aiming to liquidate while market prices are still relatively strong.
For the broader crypto market, especially Solana holders, such large-scale liquidations can introduce volatility. Every large deposit to a centralized exchange like Kraken increases the probability of sell-offs, which can lead to short-term price dips.
What This Could Mean for SOL Holders
Large wallet movements are often watched closely by traders and analysts. The actions by Pump.fun could suggest bearish sentiment or profit-taking after the substantial SOL rally seen earlier this year. Whether this is a routine treasury reshuffle or a broader exit strategy remains to be seen, but the scale certainly has implications for market dynamics.
As always, traders should stay alert, monitor wallet activities, and manage risks accordingly.
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