- PumpFun has sent 54,113 SOL valued at $7.81 million to Kraken, maintaining its streak of huge Solana transactions.
- The launchpad has sent more than 1.5 million SOL this year, drawing attentin regarding selling pressure even as Solana’s price remains stable.
- Although PumpFun brought PumpSwap to minimize dependence on centralized exchanges, questions still linger regarding its effect on market confidence.
PumpFun, a memecoin launchpad, has again sent a significant quantity of Solana (SOL) to the Kraken exchange.
Onchain Lens statistics indicate that 54,113 SOL, valued at approximately $7.81 million, was transferred recently. This is in line with a trend of repeated SOL offloading by PumpFun, as more than 1.5 million SOL worth $293.26 million have been dumped this year alone.
In January, the platform transferred 120,000 SOL worth $22.88 million, and last month, another 148,759 SOL worth $28.22 million was transferred to Kraken. These regular large transfers have sparked fears of selling pressure on Solana.
Uncertainty Around PumpFun’s Intentions
Although most people think PumpFun is selling its SOL, some people think that there might be other explanations for these transfers. The new development has raised questions about whether it could affect Solana’s recent price stability.
The platform also introduced PumpSwap, a decentralized exchange (DEX), to offer users a better method of trading meme coins. The aim is to decrease dependence on central exchanges such as Kraken and enhance liquidity in the Solana network.
However, despite this new development, there remains suspicion about whether PumpSwap can effectively address concerns about PumpFun’s operations.
Solana’s price has held steady even with these constant large transfers. When PumpFun transferred 148,759 SOL on February 13, SOL’s price only fell by 1.2% before bouncing back.
There are different opinions from experts on whether the market will continue consolidating or whether there is a breakout coming. There are those who believe that the price may run into resistance due to consecutive sell-offs, but others argue that SOL might remain strong if the buying momentum intensifies.
Solana’s Market Outlook
Solana market projections remain uncertain. While others like VanEck are being optimistic, with SOL expected to reach $520 in the long term if the market is favorable, PumpFun’s incessant large transfers make one wonder if such price gains can be sustained.
So far, Solana has maintained its value with small hikes. CoinMarketCap’s latest reports show that SOL is currently at $143.99, a 1.60% increase in the past 24 hours.
Despite all the worrying about PumpFun’s actions, Solana has not seen sharp drops in price, although it is too early to say whether this trend will continue.
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