Pump.fun Fee Account Transfers 99,999 $SOL to Kraken, Reinforcing the Importance of Transparency in Large-Scale Cryptocurrency Operations

According to Lookonchain, the Pump.fun Fee Account recently transferred 99,999 $SOL, worth approximately $22.74 million, into Kraken.

A recent activity involving the Pump.fun Fee Account has caught the attention of crypto enthusiasts. According to data analyzed by Lookonchain, the account has been making large deposits of $SOL into Kraken over the past few months.

The analysis suggests that these deposits could be linked to Pump.fun's past pattern of selling $SOL. Between May 19 and September 3, the entity sold 264,373 $SOL on-chain for $41.64 million USDC at an average price of $158 per token. These transactions typically occurred once a week.

A shift in strategy appears to have started on September 19, when the Pump.fun Fee Account began depositing $SOL into Kraken instead of conducting on-chain sales. Since then, the account has consistently deposited $SOL on a weekly basis, amounting to a total of 733,869 $SOL, valued at approximately $138.74 million. The average price during this period was $189 per token.

However, it's important to note that the analysis does not directly confirm whether the $SOL deposited in Kraken was sold by the exchange. To fully understand the transactions and their impact on $SOL's market price, further investigation and updates from relevant parties, such as Pump.fun or Kraken, would be necessary.

The large-scale movement of $SOL into Kraken has sparked interest and concern within the crypto community, especially given the potential implications for Solana's token price. If these deposits are indeed being sold, it could create additional downward pressure on $SOL in the market.

Investors and market participants will be closely monitoring future movements by Pump.fun to gain better insight into its trading strategy and potential impact on $SOL's price trajectory.