Pumpfun Deposits Millions in SOL to Kraken

In a series of significant transactions, an entity known as Pumpfun deposited substantial amounts of SOL (Solana) to the Kraken exchange, continuing a trend observed over the past months. Twitter account @lookonchain, a known source for on-chain data, has been closely monitoring these transactions.

According to @lookonchain, Pumpfun deposited 65,000 SOL valued at approximately $15.23 million to Kraken as of nine hours before their post in November 2024. This brought their total deposits to 798,869 SOL, equating to $154 million. During this period, they sold 264,373 SOL for approximately $41.64 million USDC. 1

On December 2, Pumpfun added another 100,000 SOL worth $22.47 million to Kraken, pushing their deposited total to 898,869 SOL. Their earnings totaled 1,573,099 SOL by then, marking a significant asset accumulation. 2

Later, in December 2024, another 100,000 SOL valued at $23.45 million was deposited, increasing their total revenue to 1,599,597 SOL. 3 By January 2025, following a gap of 23 days, Pumpfun made another whopping deposit of 292,437 SOL equivalent to $55.5 million—culminating in a total earning of 2,016,391 SOL worth approximately $398 million since the operation started. 4

These consistent large-volume moves reflect strategic financial maneuvers in the cryptocurrency market by entities like Pumpfun.