PumpFun Moves 54,113 SOL To Kraken As Solana Consolidation Grows

Memecoin launchpad PumpFun has once again transferred a large amount of Solana (SOL) to Kraken. According to data from Onchain Lens, a total of 54,113 SOL worth approximately $7.81 million were moved to the trading platform. 

The PumpFun Large Solana Transfer Continues

It is worth mentioning that this transaction is part of a pattern in which the launchpad has offloaded 1,573,313 SOL this year alone. On January 2, CoinGape reported that the launchpad moved 120,000 SOL worth approximately $22.88 million to Kraken. 

In addition, last month, it transferred another 148,759 SOL valued at $28.22 million, adding to the ongoing trend. According to the Onchain Lens data, over 1.5 million SOL moved this year, valued at $293.26 million. These frequent transactions often place Solana under intense selling pressure. 

Despite the initial projections of whether PumpFun was selling its Solana stash, some still argue the platform might have another reason for moving the coins. This latest transfer comes with potential debate on whether it could derail the mild consolidation Solana price has picked from earlier in the week.

PumpFun and the PumpSwap Move

In a bid to repair its ecosystem reputation, PumpFun has launched PumpSwap. This new platform is a decentralized exchange DEX designed to give traders and investors using the launchpad a more direct and efficient way to trade meme coins. 

Per the update, the platform intends to use the newly launched product to reduce dependence on centralized exchanges like Kraken. With it, it hopes to improve liquidity within the Solana ecosystem. 

While PumpSwap presents itself as a positive step, it remains unclear whether it can fully restore confidence in PumpFun’s activities, especially as large SOL transfers persist. Some investors see it as an attempt to shift focus away from ongoing selloff and other ethical concerns.

Solana Price Outlook Amid Growing Consolidation

Despite PumpFun’s frequent transactions, Solana’s price has remained relatively stable. After the February 13 transfer of 148,759 SOL, CoinGape reported that SOL price dropped by 1.2% before recovering. 

Furthermore, many analysts have mixed opinions on whether the market will continue consolidating or if Solana will record a breakout soon. 

Some stakeholders, like VanEck, see the coin soaring to $520 in the long term should market conditions be favorable. However, repeated large-scale transfers like those from PumpFun could serve as a headwind for the coin.

As of this publication, CoinMarketCap data shows that SOL price was trading at $143.99, up 1.60% in the last 24 hours.