Pump.fun has sent about 117,913 SOL tokens worth $18.26 million through Kraken within the past two hours. The platform has sent a total worth an estimated $575 million to Kraken, making the total SOL deposits 3097265 SOL.
A Potential SOL Sell-Off in Progress?
When huge funds move to a centralized trading venue, it usually indicates bearish sentiments because the sender plans to sell their assets. So far, the memecoin platform Pump.fun demonstrated its selling activities by exchanging 264,373 SOL into $41.64 million USDC at the price of $158 per SOL. The platform has deposited at a price of $186 and sold 264,373 $SOL for 41.64M $USDC at $158.
Strategic Moves or Market Pressure?
Market experts consider this potential move either part of a market-making strategy or a strategy to unload previous investments before predicted market downturns. The public nature of these transfers on blockchain enables institutional traders as well as retail investors to readjust their investment portfolios.
What Comes Next?
The current SOL deposit to the Kraken platform may lead to market price drops, thus decreasing SOL value over the short term. The SOL price movement of $575M million in the market now receives strong investor interest since stakeholders want to know how this event fits into future market patterns vs. temporary market disruption. Upcoming decisions by the Pump.fun group will establish the primary patterns for SOL across the market.
Source: https://blockchainreporter.net/pump-fun-deposits-another-18m-in-sol-to-kraken-fueling-sell-pressure-concerns/