Pump.fun, a well-known Solana-based automated market maker, has recently made a noteworthy deposit to Kraken. As per the data from Lookonchain, Pump.fun has deposited $8.16M in $SOL to the popular crypto exchange Kraken as a part of its big transactions of nearly $534M. The on-chain analytics provider took to social media to disclose these notable deposits by Pump.fun.
Pump.fun’s Large-Scale $SOL Deposits to Kraken Raise Speculation
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. This amount reportedly comprises a value of nearly $534M. Apart from that, the platform has also offloaded up to 264,373 $SOL in exchange for $41.64M in $USDC. This reportedly denotes an average per-coin selling price of almost $158.
The market statistics indicate that these large and rapid transfers highlight a strategic plan of Pump.fun. Hence, the platform is potentially doing this for liquidity management, or otherwise, it is carrying out institutional offloading. Overall, 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.
Continuation of Selling Trend Could Expose $SOL to Substantial Downward Pressure
According to Lookonchain, such big crypto deposits often signify crucial developments. Hence, the respective transactions have raised speculation among the crypto community. While some consider these transfers as part of the usual activity, others think this development is a sign of a wider profit taking. Nonetheless, if this trend continues, there is a possibility for a rise in downward pressure for $SOL.
