Pump.fun sends $22m worth of SOL to Kraken: what’s behind the move?

Meme coin launching platform Pump.fun has transferred approximately 132,000 SOL ($22.88 million) to cryptocurrency exchange Kraken.

According to on-chain data shared by analyst EmberCN, the Solana ( SOL ) is the platform’s accumulated transaction fee revenue over the past week and follows a consistent pattern of revenue processing.

“Pump.fun transferred 132,000 SOL ($22.88 million) in transaction fee revenue to Kraken few hours ago,” EmberCN reported. The analyst mentioned that Pump.fun usually moves these SOL to Kraken after accumulating one to two weeks of transaction fee revenue.

This latest transfer is an established pattern for the Solana-based token launchpad, which has processed notable fee revenue since its inception.

According to EmberCN’s data, Pump.fun has sold 3.868 million SOL valued over $701.76 million over the past year. The sale was made for an average selling price of $183.38 per SOL.

The platform’s revenue transfers occur regularly, with previous transactions documented on April 25 (117,913 SOL at $154.31) and May 2 (118,718 SOL at $150.52). The latest May 11 transfer shows a slight increase in volume compared to previous transfers.

The transaction coincides with Solana’s strong market performance, with SOL jumping 20% over the past week and 47.1% over the last 30 days. The token has climbed from approximately $140 to as high as $178 during this period.

The Solana meme coin market capitalization also increased 1.8% to $13 billion in the last 24 hours. Several prominent SOL meme coins have posted gains over the past week. This includes Trump ( TRUMP ) (up 25%), Bonk ( BONK ) (up 38%), Fartcoin ( FARTCOIN ) (up 20.5%), and Dogwifhat ( WIF ) (up 62%).

Pump.fun top gainers

Pump.fun has earned a position as one of the primary meme coin launchpads on Solana. It allows users to create and deploy tokens with minimal technical knowledge.

The platform charges fees for token creation and transactions, which it collects in SOL before periodically converting to other currencies through exchanges like Kraken.

The Pump.fun Ecosystem market cap today is $4.84 billion, a 3.6% change in the last 24 hours. Here are the top seven-day gainers.