Pump.fun’s SOL deposits to Kraken eclipse $660 million
Solana-based memecoin launchpad and trading platform Pump.fun’s total SOL deposits to Kraken amount to over $660 million: Is this a massive profit cash out or liquidity play?
According to on-chain data, Solana-based memecoin generator Pump.fun quietly moved 132,180 Solana (SOL), worth approximately $20.87 million, to Kraken on June 10, sparking speculation about its established pattern of revenue withdrawals to the centralized crypto exchange.
The latest transfer brings Pump.fun’s total SOL deposits to Kraken this year to 2,476,697 SOL, valued at $404.64 million. So far, the memecoin launchpad has deposited 3.62 million SOL (about $660.5 million) to Kraken at $182, and sold 264,373 SOL for 41.64 million USDC at $158, according to on-chain analytics platform Lookonchain.
With only 3,610 SOL, valued at approximately $570,000, left in its fee account as of press time, Pump.fun’s SOL holdings have dropped to a fraction of earlier levels. This points to either aggressive profit-taking or a strategic shift in capital allocation.
What’s fueling Pump.fun’s massive SOL deposits to Kraken?
The repeated large-scale SOL transfers suggest that Pump.fun is either cashing out significant profits or preparing liquidity in advance of its rumored $1 billion token sale. According to a June 3 report by Blockworks, the sale is expected to happen within two weeks at a $4 billion valuation, citing anonymous sources.
Pump.fun has yet to confirm or deny the token sale on its official channels. Community reactions have been mixed, with critics questioning how the launchpad would deploy the funds. DefiLlama developer 0xngmi implied that the sale might be unnecessary.
The developments follow a steep decline in Pump.fun’s monthly revenues. According to DefiLlama data, the Solana-based memecoin launchpad generated $46.6 million in revenue in May. This figure represents a 66 percent drop from January’s $137 million, underscoring a dwindle in peak activity.
The timing and scale of the SOL movements suggest that Pump.fun may be reevaluating its capital strategy in response to shifting market conditions and weakening revenue. Whether this indicates an aggressive selloff, a liquidity raise ahead of the rumored token launch, or a shift toward reinvestment remains unclear.
