Pump.fun Fee Account Transfers $200 Million worth of Solana to Kraken; What's going on? ⋆ ZyCrypto

Pump Fun has caught the attention of the wider community after recent trends. According to Lookonchain data, Pump Fun has continued its massive Solana investments into centralized crypto exchanges. At press time, the figure had exceeded 998,869 SOL, about $200 million, with traders monitoring asset movements.

On July 29, the platform deposited 65,000 SOL worth about $15.2 million, increasing the total amount deposited on Kraken to 798,869. Out of this number, the platform sold 264,373 worth more than $41 million. A series of sales followed this trend as the crypto continued to rise.

Lookonchain celebrated another transaction on December 2 after the platform sent 100,000 SOL worth $22.47 million to Kraken. This raised total flows to $176 millionalthough a similar 100,000 SOL transaction today raised the total funding movement to $200 million. Pump Fun has earned a total of $381 million, or 1,595,278 SOL.

Profit taking Sparks sale

The increase in sales of the platform of crypto assets comes as the price of Solana recorded bullish inflows in the last 30 days. This follows a broader move in the market since the US election, with traders expecting a bigger jump. Profit taking has pulled back as the price moves up to new levels not recorded in months.

Solana trades at $241, making a 2% jump in the last 24 hours and a larger monthly increase of 42%. This year, the asset is up 279%, surpassing the rival Ethereum, and is expected to lead the altcoin season. Solana has drawn institutional flows, noting continuous weekly flows and large accumulations of whales. The anticipated approval of spot Solana ETFs is another bull driver in the market.

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Consumers respond to large flows

Amid skyrocketing prices in recent weeks, crypto users fear that large SOL flows could affect market sentiment. Traditionally, a move to centralized crypto exchanges indicates a sell-off due to the ease of such transactions, and flows from exchanges show signs of long-term holdings.

However, other users gave a controversial opinion that not all assets would be sold. User X (formerly Twitter) @defimefidefi explained;

“sending money to cexes doesn't always mean sales but it's good to know that the biggest dapp of this cycle uses Kraken as a cold wallet. “