Memecoin launcher Pump.fun's deposits to crypto exchange Kraken surpass $300 million
Quick Take
- Onchain data shows that Pump.fun moved 292,437 SOL to Kraken on Jan. 1, followed by a 63,171 SOL deposit on Thursday.
- The Solana-based memecoin launchpad’s total deposits to the centralized crypto exchange amount to 1,564,064 SOL ($316.5 million).
- Metrics indicate that Pump.fun-related activity has cooled off since hitting highs in November 2024.
Pump.fun moved another 292,437 SOL — worth approximately $55.5 million — to Kraken on Jan. 1 for the first time in 23 days, with an initial transaction of 120,000 SOL followed by a 172,437 SOL deposit, according to onchain data.
The New Year's Day transfers brought the Solana-based memecoin launchpad's total deposits to the centralized crypto exchange to 1,500,893 SOL — worth over $300 million. Another 63,171 SOL ($13.1 million) was then transferred on Thursday, bringing total deposits to 1,564,064 SOL ($316.5 million). So far, Pump.fun has sold 264,373 SOL for 41.6 million USDC, as noted by onchain analytics platform Lookonchain.
The Pump.fun fee account currently holds around 10,397 SOL, worth over $2.1 million. It also has another $24.4 million in Jito Staked SOL.
Metrics suggest a decline from peak activity
The latest transfer follows a steady decline in multiple Pump.fun metrics. The daily volume of the platform's graduated tokens on the decentralized exchange Raydium has trended downward since peaking at $2.58 billion on Nov. 19, 2024. Additionally, the platform's daily revenue decreased from a Nov. 24 high of $5.31 million to $2.12 million on Jan. 1, 2025.
The data mirrors Solana's real economic value, which dropped from a Nov. 24, 2024, high of $27.6 million to $4.65 million on Dec. 30, 2024, according to The Block's data. Weekly transaction fees on the network have also seen similar declines.
Last month, leading blockchain analytics provider Chainalysis expanded its coverage of Solana tokens to include Pump.fun-created memecoins. "Governments can look into the scams and rugpulls," the company's director of product said at the time.
The month before, Pump.fun's streaming feature garnered mainstream attention for content many considered harmful. The platform suspended the live-stream feature shortly after.
Updated with additional transfer data.
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