TLDR
- Pump.fun resumed sending SOL to Kraken as the cryptocurrency price approached $200.
- The platform deposited 86,254 SOL, its first deposit since June 10.
- Pump.fun has now sent a total of 3.93 million SOL to Kraken at various price points.
- The intermediary wallet used for the SOL deposits has emptied its balance.
- Pump.fun still holds at least 898,000 SOL in its other public wallets.
Pump.fun has resumed sending SOL to Kraken after a significant pause, just as the cryptocurrency price approaches $200. The platform deposited 86,254 SOL, its first since June 10. This follows a temporary stop in its PUMP buybacks, which were paused to capitalize on SOL’s surge.
Pump.fun’s Move to Sell SOL Amid Market Surge
The move to send SOL to Kraken comes after a period of relative inactivity in the meme launchpad’s trading behavior. According to on-chain data, Pump.fun has deposited a total of 3.93 million SOL to Kraken, selling at varying price points, including a low of $158. Despite the sell-off, there is no certainty that all of the SOL will be liquidated or traded in the market.
The intermediary wallet used for these transactions has cleared its balance, but Pump.fun still holds a significant amount of SOL. The platform maintains at least 898,000 SOL in its other wallets, which could potentially be used to support the PUMP token.
“We remain focused on growing our platform while ensuring liquidity for PUMP holders,” said a spokesperson for Pump.fun.
The sales and subsequent deposits of SOL to Kraken have also contributed to a recovery in PUMP’s price. In the last 24 hours, the price of PUMP increased by 9.8%, reaching $0.004. This uptick suggests that, despite the pauses, the buybacks have had an overall positive impact on the market sentiment surrounding PUMP.
PUMP Buyback Activity and Meme Token Market Dynamics
Pump.fun has allocated 197,739 SOL to buybacks, with a noticeable pause in recent days. The platform has also experienced a resurgence in fees, reaching a weekly high of $3.27 million after a period of under $500,000. This spike in fees reflects the growing interest in meme tokens and their deployment on Solana’s blockchain.
The rivalry between meme launchpads has intensified, with Pump.fun leading the charge. As more meme tokens are deployed, over 50,000 assets were launched across various platforms in the past week. On-chain investigators have pointed to automated strategies used by deployers, highlighting the growing trend of token rotation among platforms.
Pump.fun currently commands 74.5% of the market share, a significant lead over LetsBonk.fun, which now holds only 10%. Meanwhile, Bags has risen to second place, with a market share of 11.2%. Smaller platforms, including Meteora and Jupiter, are also vying for market share, offering new features and incentives to deployers.
