Pump.fun May Have Quietly Sold $8M Worth of SOL

Solana-based memecoin launchpad, Pump.Fun, appears to be offloading its Solana (SOL) holdings again, raising concerns about a potential impact on the token’s price. According to on-chain analyst Lookonchain, the token generator deposited 65,284 SOL to Kraken on April 1. Shortly after, three newly-created wallets withdrew the exact amount and sold it for 8.22 million USDC at $126 per SOL.

Looks like #PumpFun may have quietly sold 65,284 $SOL($8.22M).

Today, they deposited 65,284 $SOL to #Kraken. Shortly after, 3 newly created wallets withdrew the exact amount and sold it for 8.22M $USDC at $126.

On March 25, they deposited 104,120 $SOL($14.97M) to #Kraken, then… pic.twitter.com/72mGfl15pe

— Lookonchain (@lookonchain) April 1, 2025

A similar transaction occurred on March 25, when the platform moved 104,120 SOL ($14.97 million) to Kraken, with four new wallets withdrawing and selling the amount at $144 per SOL. Typically, when tokens are moved into a centralized exchange (CEX) like Kraken, they signal a sell transaction.

Sale History

This latest move follows a pattern of large SOL sales by Pump.Fun, raising concerns about its market impact on the token. The memecoin launchpad has liquidated 169,404 SOL ($23.19 million) in just over a week. Historical data shows the platform moved over 1.5 million SOL ($293.26 million) throughout 2024, often coinciding with slight dips in SOL’s price.

Pump.Fun generates its SOL through token creation fees and trading fees on its platform. Users pay 0.02 SOL to launch memecoins, and the platform takes a percentage of trades through its bonding curve model. Additionally, its newly launched decentralized exchange (DEX), PumpSwap, has added another revenue stream.

Since its debut on March 20, PumpSwap has attracted $1.6 billion in trading volume. The platform has also captured 14% of Solana’s DEX market and generated $1.06 million in trading fees. For context, PumpSwap is an automated market maker (AMM) designed to streamline trading for Pump.Fun tokens. It eliminates migration fees and centralizes liquidity.

Market Impact and Concerns

While Pump.Fun’s business model explains its SOL holdings, its selling strategy of using fresh wallets to cash out large amounts raises concerns among market participants. Some accuse the platform of putting sell pressure on SOL, while others view the moves as standard business operations. 

SOL was trading at $128.82 at press time, up 4% in the past 24 hours.

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