Pump.fun moved another 120,000 SOL — worth about $14,761,400 at current prices — to Kraken on Jan. 1, according to onchain data.
The New-Year deposit brings the Solana-based memecoin launchpad's total deposits to the centralized crypto exchange to 1,500,893 SOL — worth over $300 million. So far, it has sold 264,373 SOL for 41.64 million USDC, as noted by onchain analytics account Lookonchain.
The Pump.fun fee account currently holds 70,284 SOL, worth over $14.4 million. It also has another $24.4 million in Jito Staked SOL.
The latest transfer follows a steady decline in multiple Pump.fun metrics. The daily volume of the platform's graduated tokens on the decentralized exchange Raydium has trended downward since peaking at $2.58 billion on Nov. 19, 2024. Additionally, the platform's daily revenue decreased from a Nov. 24 high of $5.31 million to $2.12 million on Jan. 1, 2025.
The data mirrors Solana's real economic value, which dropped from a Nov. 24, 2024, high of $27.6 million to $4.65 million on Dec. 30, 2024, according to The Block's data. Weekly transaction fees on the network have also seen similar declines.
Last month, leading blockchain analytics provider Chainalysis expanded its coverage of Solana tokens to include Pump.fun-created memecoins. "Governments can look into the scams and rugpulls," the company's director of product said at the time.
The month before, Pump.fun's streaming feature garnered mainstream attention for content many considered harmful. The platform suspended the live-stream feature shortly after.
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