KeyTakeaways:
Pumpfun deposited 148,759 SOL ($28.22 million) to Kraken, pushing complete deposits to $540 million. A market dip adopted a serious deposit, highlighting potential promoting strain from Pumpfun’s holdings. After criticism, Pumpfun suspended its live-streaming function to handle inappropriate content material.
Pumpfun has as soon as once more deposited a big sum of Solana tokens into Kraken, transferring 148,759 SOL valued at roughly $28.22 million. This newest deposit brings Pumpfun’s complete contributions to the alternate to 2,280,377 SOL, now exceeding $540 million. The deposit occurred Thursday, marking one other transfer within the Solana-based meme-coin launchpad’s ongoing engagement with the favored cryptocurrency alternate.
This switch is a part of Pumpfun’s continued exercise on Kraken, the place it has already deposited vital quantities of Solana over the previous weeks. Earlier in February, the platform deposited a further 140,285 SOL value $26.61 million, contributing to its cumulative complete. Pumpfun has moved 2,280,377 SOL to Kraken, which is at the moment valued at a powerful $462 million, based mostly on the newest market charges.
Market Reactions to Elevated Deposits
The frequent deposits haven’t gone unnoticed out there. Following the deposit on February 7, the $ SOL/$ USDT buying and selling pair on Kraken noticed a 1.2% decline inside quarter-hour, from $190.05 to $187.83. This transient drop suggests the market could also be responding to the elevated promoting strain from Pumpfun’s holdings. Buying and selling quantity additionally spiked by 35%, reflecting heightened exercise in Solana-related property.
On January 2, Pumpfun transferred 120,000 SOL, value round $22.88 million, to Kraken. That transaction was adopted by a 2.94% drop in Solana’s value inside 24 hours. Regardless of some preliminary issues about potential sell-offs, Pumpfun has denied any intentions to liquidate its holdings, explaining that asset transfers to exchanges don’t essentially equate to gross sales.
Along with its monetary maneuvers, Pumpfun confronted backlash over inappropriate content material on its live-streaming function. The platform, which had beforehand grown quickly, suspended the live-streaming choice indefinitely in response to criticism. It acknowledged the detrimental influence on customers and promised to proceed bettering moderation techniques.
