Pump.fun's cumulative SOL sales have climbed to $848 million as the Solana memecoin launchpad continues converting its accumulated trading fees into sold $SOL, with on-chain data showing a fresh wave of sizable withdrawals to Kraken over the past two hours.

Latest Transfers

Within the most recent two-hour window, Pump.fun's fee accounts sold approximately 47,994 $SOL, valued at roughly $5.83 million. Individual transfers from these fee accounts to a Kraken deposit address ranged from under 2,000 $SOL to a single 18,608 $SOL transaction worth more than $2.26 million.

Deposits to centralized exchange addresses are among the most closely watched on-chain signals, since exchanges are where large holders typically source liquidity and sustained inflows can translate into recurring sell-side supply.

In total, the platform has sold 5,236,623 $SOL — about $848 million — at an average execution price of $162 per $SOL since it began methodically converting the trading fees it accumulates. Because the sold tokens originate directly from trading fees, the running total also serves as a measure of the fee revenue the platform has collected. The scale of the disposals reflects the platform's revenue model: every trade executed on Pump.fun generates a fee paid in $SOL, and rather than holding the token, the protocol has steadily forwarded these accumulated fees to centralized exchanges, chief among them Kraken. Converting fee income earned in a volatile native token is a common treasury approach for protocols, trading market exposure for predictable liquidity.

Treasury Management, Not One-Off Liquidations

The transfers follow a recurring pattern: the same set of fee-collection wallets sends funds to exchanges every few weeks, pointing to a methodical treasury management process rather than one-time liquidations. Notably, $SOL's price has advanced sharply during this sustained selling pressure rather than being derailed by it.

Solana has climbed from roughly $75 in early August to over $123 at present, with the move accelerating through September as the token broke above both its short- and long-term moving averages. The advance implies that broader buying demand for $SOL has more than offset the ongoing supply coming from Pump.fun's wallets.

If $SOL's price momentum slows and the market has less demand to absorb the continued liquidation, traders tracking on-chain flows are likely to keep monitoring these Kraken-bound transfers as a recurrent data point. The fixed wallet set and its multi-week cadence give observers a clear baseline, making any shift in the size or timing of future deposits easy to spot against the established pattern.

Source: U.Today