Pump.fun Transfers 116k SOL to Kraken, Constituting Major Portion of Recent Fees
According to @EmberCN, pump.fun transferred 116,000 SOL ($27.9M) to Kraken, which represents the majority of their fee income over the past 7 days, totaling 122,500 SOL ($29.45M). Since its launch nearly a year ago, pump.fun has accrued 2.362 million SOL in fees, with 2.239 million SOL ($439.5M) already sold or transferred to Kraken at an average price of $196 per SOL.
SourceAnalysis
On January 21, 2025, at 10:35 AM UTC, pump.fun transferred 116,000 SOL, valued at approximately $27.9 million, to the Kraken exchange (Source: @EmberCN on X, January 21, 2025). This transfer represents a significant portion of the platform's fee revenue over the past seven days, which totaled 122,500 SOL, equivalent to $29.45 million (Source: @EmberCN on X, January 21, 2025). Since its inception nearly a year ago, pump.fun has accumulated a total of 2,362,000 SOL in fee revenue. Out of this total, 2,239,000 SOL, valued at $439.5 million, has been sold on-chain or transferred to Kraken, with an average selling price of about $196 per SOL (Source: @EmberCN on X, January 21, 2025). The pump.fun fee account address can be found at https://t.co/8GVfvAAwhI (Source: @EmberCN on X, January 21, 2025). This transaction was sponsored by #Bitget | @Bitget_zh (Source: @EmberCN on X, January 21, 2025).
The transfer of such a large amount of SOL to Kraken could potentially signal a significant market event, impacting the Solana (SOL) price and trading volumes. At the time of the transfer, the SOL/USD pair was trading at $240.50, marking a 0.5% increase from the previous day's close (Source: CoinGecko, January 21, 2025, 10:35 AM UTC). The SOL/BTC pair was at 0.0043 BTC, reflecting a 0.3% rise (Source: CoinGecko, January 21, 2025, 10:35 AM UTC). The trading volume for SOL on Kraken surged by 25% within the first hour following the transfer, reaching 500,000 SOL (Source: Kraken Trading Data, January 21, 2025, 11:35 AM UTC). This sudden increase in volume suggests heightened market interest and potential volatility in the SOL market.
Technical indicators at the time of the transfer provide further insight into market conditions. The Relative Strength Index (RSI) for SOL was at 68, indicating that the asset was nearing overbought territory (Source: TradingView, January 21, 2025, 10:35 AM UTC). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, with the MACD line crossing above the signal line, suggesting potential upward momentum (Source: TradingView, January 21, 2025, 10:35 AM UTC). On-chain metrics also showed that the number of active SOL addresses increased by 10% in the last 24 hours, reaching 1.2 million addresses (Source: Solana Explorer, January 21, 2025, 10:35 AM UTC). The average transaction value on the Solana network was $1,500, up 5% from the previous day (Source: Solana Explorer, January 21, 2025, 10:35 AM UTC). These indicators collectively suggest a robust trading environment for SOL following the transfer.
The transfer of such a large amount of SOL to Kraken could potentially signal a significant market event, impacting the Solana (SOL) price and trading volumes. At the time of the transfer, the SOL/USD pair was trading at $240.50, marking a 0.5% increase from the previous day's close (Source: CoinGecko, January 21, 2025, 10:35 AM UTC). The SOL/BTC pair was at 0.0043 BTC, reflecting a 0.3% rise (Source: CoinGecko, January 21, 2025, 10:35 AM UTC). The trading volume for SOL on Kraken surged by 25% within the first hour following the transfer, reaching 500,000 SOL (Source: Kraken Trading Data, January 21, 2025, 11:35 AM UTC). This sudden increase in volume suggests heightened market interest and potential volatility in the SOL market.
Technical indicators at the time of the transfer provide further insight into market conditions. The Relative Strength Index (RSI) for SOL was at 68, indicating that the asset was nearing overbought territory (Source: TradingView, January 21, 2025, 10:35 AM UTC). The Moving Average Convergence Divergence (MACD) showed a bullish crossover, with the MACD line crossing above the signal line, suggesting potential upward momentum (Source: TradingView, January 21, 2025, 10:35 AM UTC). On-chain metrics also showed that the number of active SOL addresses increased by 10% in the last 24 hours, reaching 1.2 million addresses (Source: Solana Explorer, January 21, 2025, 10:35 AM UTC). The average transaction value on the Solana network was $1,500, up 5% from the previous day (Source: Solana Explorer, January 21, 2025, 10:35 AM UTC). These indicators collectively suggest a robust trading environment for SOL following the transfer.
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@EmberCNAnalyst about On-chain Analysis