Pump.fun is extending its Solana sell-off with another large transfer to cryptocurrency exchange Kraken. According to on-chain analytics firm Lookonchain, the memecoin platform transferred 100,628 SOL (approximately $8.2 million) to the exchange, with the funds likely already sold.
In total, Pump.fun has sold roughly 4.47 million SOL since early 2024, worth around $780 million at current prices. Kraken alone has handled approximately 4.2 million SOL — about $738.6 million — of that total, making it the platform’s exchange of choice.
The memecoin platform has been aggressively offloading SOL, the base currency used by memecoin developers on Solana, for much of the past two years. During that period, the memecoin economy played a significant role in sustaining activity on the Solana network, before longer-term use cases around Real World Asset (RWA) tokenization and DeFi began gaining traction.
The broader memecoin market has struggled considerably, falling from an all-time high market capitalization of $88 billion to a fraction of that figure. A partial recovery has brought the sector back to around $40 billion, though it remains well below its peak.
Critics have labeled Pump.fun a “value extractor” for its model of selling memecoin inventory for SOL and then liquidating that SOL on exchanges. Some in the Solana community argue the platform’s continuous selling has weighed on SOL’s price performance during the 2024–2025 bull market cycle.
Despite uncertainty around the memecoin economy’s future, Pump.fun shows no signs of slowing its SOL sales. Meanwhile, the Solana ecosystem is increasingly directing attention toward RWA tokenization and DeFi as longer-term growth drivers.
Source: Pump.fun Has Now Sold $780M in SOL, With Latest 100K Dump to Kraken