According to Lookonchain, the Pump.fun Fee Account recently transferred 99,999 $SOL, worth approximately $22.74 million, into Kraken.
However, there is no direct confirmation yet as to whether the deposited tokens have been sold.
Pump.fun’s past activity suggests a pattern of selling $SOL. Between May 19 and September 3, the entity sold 264,373 $SOL on-chain for $41.64 million USDC at an average price of $158 per token. These transactions typically occurred once a week.
A shift in strategy appears to have started on September 19, when the Pump.fun Fee Account began depositing $SOL into Kraken instead of conducting on-chain sales. Since then, the account has consistently deposited $SOL on a weekly basis, amounting to a total of 733,869 $SOL, valued at approximately $138.74 million. The average price during this period was $189 per token.
Apologies for the confusion! The term “sold” may have been misleading. @a1lon9
The https://t.co/DrKlYnPPqY Fee Account merely deposited 99,999 $SOL($22.74M) into #Kraken, and we cannot confirm whether the $SOL was sold.
1/ Why do we think https://t.co/DrKlYnPPqY might be…
— Lookonchain (@lookonchain) November 26, 2024
Given Pump.fun’s established pattern of selling $SOL and the substantial deposits into Kraken, it seems likely that these transfers could be intended for sale. However, without concrete evidence of sales on Kraken, this remains speculative.
The consistent movement of large volumes of $SOL into Kraken has sparked interest and concern within the crypto community, especially given the potential implications for Solana’s token price. If these deposits are indeed being sold, it could create additional downward pressure on $SOL in the market.
While the intentions behind these transactions remain unclear, the activity has reinforced the importance of transparency in large-scale cryptocurrency operations. Investors and market participants will be closely monitoring future movements by Pump.fun to gain better insight into its trading strategy and potential impact on $SOL’s price trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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