Another Batch of SOL Lands on Kraken

Pump.fun is selling into the market crash yet again. On-chain trackers reported earlier today that the memecoin platform deposited 64,666 $SOL, worth approximately $5.19 million, into Kraken roughly seven hours before the reports were published.

The deposit is nothing new — similar transfers have been witnessed time and again in the past. Pump.fun earns fees in $SOL every time users launch and trade memecoins on its platform, and those funds are regularly converted into revenue by being sent to exchanges. According to Arkham's Pump.fun entity page, the platform has now sold a cumulative 5,618,499 $SOL for about $887.6 million at an average price of $158.

On-chain analyst EmberCN described the accumulated $SOL as fee revenue and estimated that Pump.fun has sold roughly 5.69 million $SOL, worth approximately $898 million in total, since early 2024. The steady cadence of these transfers has continued through both bullish and bearish phases of the market. For Solana, the routine conversion of its biggest application's fee revenue into exchange deposits has become a recurring, visible component of the token's supply picture.

Selling at More Than Double Today's Price

The timing of those earlier sales looks favorable in hindsight. $SOL traded near $75.76 early Saturday after a low of about $74.85, leaving the asset down roughly 16% over seven days, 26% over 30 days, and 74% below its all-time high of $293.31 set in January 2025.

At today's prices, the 5.62 million $SOL that Pump.fun has sold would be worth about $426 million. By unloading at an average price of $158, the platform locked in more than twice that amount.

Solana has also seen an eventful few weeks in the headlines. Bitcoin.com News reported that DTCC plans to bring tokenized securities to Solana, while China's central bank opened a probe into Solana over illegal crypto services. Neither of these developments, however, has managed to stop $SOL's ongoing slide.

Newly Unlocked $PUMP Moves to Coinbase Prime

Pump.fun's own token is under pressure as well. EmberCN reported that three wallets belonging to Pump.fun's team or early investors moved 1.458 billion newly unlocked $PUMP, worth about $5.01 million, to Coinbase Prime, Coinbase's institutional trading platform.

Those three wallets hold a combined allocation of 70 billion $PUMP that began unlocking in July. Unlocks are scheduled releases of previously restricted token allocations, handing teams and early investors transferable supply month by month. The same wallets moved the identical monthly amount — 1.458 billion $PUMP — to Coinbase Prime on Oct. 13, when it was worth about $7.58 million. The drop in value from one month to the next illustrates how far the token has fallen: $PUMP is currently trading near $0.0034, down about 61% from its September 2025 peak.

It bears noting that deposits to exchanges and prime-broker services are generally read as preparation to sell, and back-to-back monthly transfers of newly unlocked supply add to the overhang on $PUMP.

Looking for Buyers

The deposits are landing during one of the crypto market's roughest stretches, with more than $330 million in liquidations — forced closures of leveraged positions triggered when price moves erode traders' collateral — taking place in less than two hours. Bitcoin fell under $67,000 during the sell-off, while $SOL lost the $75 level. Memecoin activity — the engine behind Pump.fun's fees — has cooled as well, along with the broader market.

What comes next depends on whether buyers step in to absorb the supply. Pump.fun has sold $SOL through rallies and sell-offs alike, so traders should not expect the selling to stop anytime soon. The question for $SOL holders is whether the $75 area holds as support, or whether steady selling from the network's biggest app keeps pushing the price lower.