$SOL Pump Fun, a Solana-based memecoin platform, has just moved 120,000 SOL to the Kraken exchange. ๐ The transaction is equivalent to around $22.7 million, and it is the first transfer of 2025. ๐ฐ Although the price of SOL fell by 2.94% in a day, the transfer has many curious about its impact on the market. ๐ค
After the transfer, the Pump Fun account now holds 172,000 SOL and 101,000 JITSOL, totaling nearly $55.19 million. ๐ค While there are concerns about the possible increased selling pressure, the reason behind the transfer is still unclear. ๐ It is said that the funds came from transaction fee revenue on their platform, but the real intention is still a mystery. ๐ต๏ธโโ๏ธ
Pump Fun has faced several challenges since its launch, including a ban in the UK due to unregistered financial services issues. ๐ซ Despite much uncertainty about the motivation behind this SOL transfer, interest in the Pump Fun platform remains high in the cryptocurrency space. ๐
So stay tuned for the latest news on Pump Fun and its impact on the crypto market! ๐