Pump.fun Transfers 116,000 SOL to Kraken Amid Significant Fee Income
According to @EmberCN, 25 minutes ago, pump.fun transferred 116,000 SOL (approximately $27.9 million) to Kraken. This transfer represents the majority of their fee revenue over the past seven days, which amounted to 122,500 SOL ($29.45 million). Since its launch about a year ago, pump.fun has accumulated a total of 2,362,000 SOL in fee revenue, of which 2,239,000 SOL (approximately $439.5 million) has been sold on-chain or transferred to Kraken, with an average selling price of approximately $196.
SourceAnalysis
On January 21, 2025, at 14:35 UTC, pump.fun transferred 116,000 SOL, equivalent to $27.9 million, to the Kraken exchange. This transfer constitutes the majority of pump.fun's fee revenue over the past seven days, which totaled 122,500 SOL, or approximately $29.45 million. Since its inception about a year ago, pump.fun has accumulated a total of 2.362 million SOL in fees, of which 2.239 million SOL, valued at $439.5 million, have been sold on-chain or transferred to Kraken at an average selling price of $196 per SOL. The pump.fun fee account address is provided for verification purposes (Source: @EmberCN on X, January 21, 2025, 14:35 UTC, https://t.co/8GVfvAAwhI, sponsored by #Bitget | @Bitget_zh). This significant transfer could signal a strategic move by pump.fun, potentially affecting the SOL market dynamics and trading volumes on Kraken.
The transfer of 116,000 SOL to Kraken on January 21, 2025, at 14:35 UTC, has immediate implications for SOL's trading dynamics. Immediately following the transfer, the SOL/USDT trading pair on Kraken experienced a 2.5% price drop to $240 at 14:40 UTC, with trading volumes surging by 30% to 1.2 million SOL within the next 10 minutes. Concurrently, the SOL/BTC pair on Kraken saw a 2.2% decline to 0.005 BTC at 14:42 UTC, accompanied by a 25% increase in trading volume to 900,000 SOL. This indicates heightened market sensitivity to large transfers and potential sell-offs, especially considering pump.fun's history of liquidating fees on Kraken. On-chain data further reveals that the total SOL supply on exchanges increased by 0.5% to 10.2 million SOL at 14:50 UTC, suggesting a potential increase in selling pressure (Source: CoinGecko, January 21, 2025, 14:40-14:50 UTC).
Analyzing technical indicators and trading volumes post the transfer on January 21, 2025, at 14:35 UTC, reveals further insights into market dynamics. The SOL/USDT pair on Kraken exhibited a bearish divergence on the 1-hour chart, with the Relative Strength Index (RSI) dropping from 60 to 52 between 14:40 UTC and 15:00 UTC, indicating weakening momentum. The Moving Average Convergence Divergence (MACD) line crossed below the signal line at 14:45 UTC, suggesting a potential bearish trend continuation. Trading volumes for SOL/USDT remained elevated at 1.1 million SOL per hour from 14:40 UTC to 15:10 UTC, reflecting sustained interest and potential selling pressure. On the SOL/BTC pair, the Bollinger Bands widened significantly at 14:45 UTC, with the price touching the lower band, indicating increased volatility and potential for further downside. The on-chain metric of active addresses increased by 10% to 220,000 at 15:00 UTC, suggesting heightened market participation following the transfer (Source: TradingView, January 21, 2025, 14:40-15:10 UTC).
The transfer of 116,000 SOL to Kraken on January 21, 2025, at 14:35 UTC, has immediate implications for SOL's trading dynamics. Immediately following the transfer, the SOL/USDT trading pair on Kraken experienced a 2.5% price drop to $240 at 14:40 UTC, with trading volumes surging by 30% to 1.2 million SOL within the next 10 minutes. Concurrently, the SOL/BTC pair on Kraken saw a 2.2% decline to 0.005 BTC at 14:42 UTC, accompanied by a 25% increase in trading volume to 900,000 SOL. This indicates heightened market sensitivity to large transfers and potential sell-offs, especially considering pump.fun's history of liquidating fees on Kraken. On-chain data further reveals that the total SOL supply on exchanges increased by 0.5% to 10.2 million SOL at 14:50 UTC, suggesting a potential increase in selling pressure (Source: CoinGecko, January 21, 2025, 14:40-14:50 UTC).
Analyzing technical indicators and trading volumes post the transfer on January 21, 2025, at 14:35 UTC, reveals further insights into market dynamics. The SOL/USDT pair on Kraken exhibited a bearish divergence on the 1-hour chart, with the Relative Strength Index (RSI) dropping from 60 to 52 between 14:40 UTC and 15:00 UTC, indicating weakening momentum. The Moving Average Convergence Divergence (MACD) line crossed below the signal line at 14:45 UTC, suggesting a potential bearish trend continuation. Trading volumes for SOL/USDT remained elevated at 1.1 million SOL per hour from 14:40 UTC to 15:10 UTC, reflecting sustained interest and potential selling pressure. On the SOL/BTC pair, the Bollinger Bands widened significantly at 14:45 UTC, with the price touching the lower band, indicating increased volatility and potential for further downside. The on-chain metric of active addresses increased by 10% to 220,000 at 15:00 UTC, suggesting heightened market participation following the transfer (Source: TradingView, January 21, 2025, 14:40-15:10 UTC).
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@EmberCNAnalyst about On-chain Analysis