On Jan. 1, 2025, Pump.fun, a Solana-based meme coin launchpad, transferred an additional 120,000 SOL to crypto exchange Kraken, bringing its total deposits to 1,500,893 SOL.
On Jan. 1, 2025, Pump.fun, a Solana-based meme coin launchpad, transferred an additional 120,000 SOL to crypto exchange Kraken, bringing its total deposits to 1,500,893 SOL, valued at over $300 million.
The latest transaction is part of a broader trend observed in the platform's activity, which has seen a notable decline since reaching its peak in November 2024.
According to on-chain data, the recent deposit is worth approximately $14.76 million at current market prices. Since its inception, Pump.fun has sold 264,373 SOL for a total of 41.64 million USDC, as reported by the on-chain analytics account Lookonchain.
The fee account for Pump.fun currently holds 70,284 SOL, translating to over $14.4 million, along with an additional $24.4 million in Jito Staked SOL.
Despite the substantial financial movement, metrics indicate a cooling off of Pump.fun-related activity. The daily volume of the platform's graduated tokens on the decentralized exchange Raydium peaked at $2.58 billion on Nov. 19, 2024, but has since trended downward.
Daily revenue has also declined, falling from a high of $5.31 million on Nov. 24, 2024, to just $2.12 million by Jan. 1, 2025.
This decline aligns with a broader drop in Solana's economic value, which fell from $27.6 million on Nov. 24, 2024, to $4.65 million by Dec. 30, 2024. Weekly transaction fees on the Solana network have similarly decreased, reflecting a downturn in activity.
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