Pump.fun, the Solana-based token launchpad that became a hub for memecoin creation and trading, appears to have resumed selling its SOL holdings after a nine-month hiatus, according to on-chain data. Over the past two days, wallets linked to the platform have moved approximately $14.76 million worth of SOL to the Kraken exchange, signaling a notable shift in treasury management.
On May 18, blockchain analytics firm Onchain Lens detected a transfer of 91,708 SOL — valued at roughly $7.76 million — from a Pump.fun-associated wallet to Kraken. This was part of a larger daily movement totaling 174,400 SOL (~$14.76 million). The following day, Lookonchain reported an additional deposit of 174,408 SOL to Kraken, and then observed that a new anonymous address withdrew 117,877 SOL (around $9.96 million) and swiftly swapped it for 9.96 million USDC at an average price of $84.52 per SOL. The USDC was subsequently also sent to Kraken.
Lookonchain noted that this pattern of depositing to exchanges and converting to stablecoins aligns with Pump.fun’s historical behavior of profit-taking, which was last observed on August 12 of the previous year. The nine-month gap had led to speculation that the platform was holding its SOL reserves in anticipation of improved market conditions.
Pump.fun generates substantial SOL fee revenue from the memecoins it helps launch, and large-scale liquidations can impact the broader Solana ecosystem. While the transfers are not officially confirmed by Pump.fun, the on-chain activity suggests a deliberate move to realize gains or rebalance assets. Market participants will closely monitor whether this selling pressure persists, as it could weigh on SOL’s short-term price.
