Deposits of Memecoin Creation and Trading Platform Pump.fun on Kraken Exceeded 300 Million Dollars!

According to on-chain data, Solana based memecoin creation platform Pump.funDeposits to the cryptocurrency exchange Kraken exceeded $300 million.

Pump.fun’s Kraken Deposits Exceed $300 Million

The platform moved another 120,000 SOLs worth approximately $14.76 million on January 1, 2025, bringing its total deposits to 1,500,893 SOLs.

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According to on-chain analytics account Lookonchain, Pump.fun sold 264,373 SOL for 41.64 million USDC.

There are 70,284 SOLs worth over $14.4 million and Jito Staked SOLs worth $24.4 million in the Pump.fun fee account.

Pump.fun’s latest transfer comes amid a significant decline in key metrics:

Daily trading volume of tokens launched by Pump.fun on the decentralized exchange Raydium has fallen significantly lower than the peak of $2.58 billion on November 19, 2024.

The platform’s daily revenue decreased from $5.31 million on November 24, 2024 to $2.12 million as of January 1, 2025.

While Solana’s real economic value was $27.6 million on November 24, 2024, it decreased to $4.65 million at the end of December 2024. Weekly transaction fees on the network reflect similar trends.

The decline in activity comes at a time when Pump.fun is facing increased scrutiny.

Last month, Chainalysis expanded its analysis to include memecoins created by Pump.fun.

In November, Pump.fun came under criticism for its controversial livestream feature, which some felt promoted harmful content. This feature was suspended shortly after due to public reactions.

While Pump.fun’s significant deposit into Kraken highlights its ongoing activities in the crypto space, the platform’s declining metrics and controversy underscore the challenges facing the broader Solana ecosystem and the memecoin sector.

*This is not investment advice.