PumpFun, a leading Solana blockchain-based platform allowing the development and trading of meme coins, has restarted its $SOL selling spree. As per the report from Onchain Lens, 4 newly developed wallets associated to PumpFun have recently extracted up to 111,993 $SOL coins from the crypto exchange Kraken to offload them. The on-chain analytics platform took to social media to disclose this development.
PumpFun-Linked Wallets Offload Over $16.8M in $SOL on Kraken
The market data reveals the withdrawal of nearly 111,993 $SOL coins from Kraken by PumpFun-linked newly developed wallets. The sale reportedly accounts for almost $16.89M. The respective wallets carried out this sale at $150.80 as the per-$SOL average price. The transfers took into account key stablecoins including $USDT and $USDC. This highlights a clear endeavor for the conversion of their holdings in $SOL into dollar-pegged stablecoins.
The timing of this sell is crucial as the overall market is bullish. It is not clear et if the entity has turned bearish on Solana or it wants to shift to any other altcoin.
Massive Offloading Underscore Platform’s Ongoing Endeavors for Further Development
As Onchain Lens mentions, PumpFun has sent nearly 118,717 $SOL to Kraken. This figure accounts for $17.86M in terms of value at the present market rates. This signifies an upsurge of 13,484 $SOL in total since the recent update. In this respect, the project is seemingly ramping up the selling activity thereof. Hence, the project is raising its influence in the market. Selling such a notable amount also indicates the increasing efforts of PumpFun to secure funds for its further development.
