Pump.fun Deposits $8.16M in SOL to Kraken, Raising Speculation About the Market Maker's Plans

The data mentions that Pump.fun has made a deposit of 65,284 $SOL, accounting for almost $8.16M to Kraken. This deposit reportedly takes place as a part of the larger transactions that collectively equal 2,799,060 $SOL.

Solana-based automated market maker Pump.fun, is known for its big transactions and has recently made a large deposit to Kraken.

The on-chain analytics provider, Lookonchain, has provided insights into these noteworthy deposits by Pump.fun.

As per the data by Lookonchain, Pump.fun has deposited 65,284 $SOL, valued at almost $8.16M to the popular crypto exchange Kraken. These deposits are a part of the larger transactions that collectively equal 2,799,060 $SOL. This amount comprises a value of nearly $534M.

Other than that, the platform has also offloaded up to 264,373 $SOL in exchange for $41.64M in $USDC. This denotes an average per-coin selling price of almost $158.

The data further reveals that during the past hour, the platform has performed several transactions with varying $SOL amounts. A few of the notable transfers include 3,456 $SOL and 6,560 $SOL deposited to Kraken.

However, these transactions continue a broader selling trend by Pump.fun. Within the past day, the platform has sold a significant portion of its $SOL holdings.

The analysis indicates that during this period, Pump.fun has offloaded around 153,150 $SOL for $23,497,474 in $USDC.

These large and rapid transfers highlight a strategic plan by Pump.fun. Hence, the platform is potentially doing this for liquidity management, or otherwise, it is carrying out institutional offloading.

Usually, such big crypto deposits indicate crucial developments, which in turn could have implications for the broader market.

However, these transactions have raised speculation among the crypto community. While some view these transfers as part of the usual activity, others believe this development is a sign of a wider profit taking.

Nevertheless, if this trend continues, there is a possibility for a rise in downward pressure for $SOL.