Solana

According to a November 26 update from the on-chain data tracking platform On-chain Lens, the Solana-based memecoin launcher Pump.fun just moved 99,999 SOL worth over $23 million to the centralized crypto exchange Kraken. The latest move brings Pump.fun SOL holdings to about 304,324 tokens worth about $70 million, according to data from Arkham Intelligence.&nbsp; 
Earlier this month, Pump.fun moved about 90,000 SOL, worth about $14.97 million at the time to Kraken. The memecoin launcher made another transfer to the exchange on November 7 of 78,000 SOL worth $14.91 million at the time. On November 11, Pump.fun made another deposit in Kraken of 43,000 SOL worth $9.39 million. 
Onchain Lens further revealed that the memecoin launcher has deposited about 893,242 SOL at an average price of $164 so far. Additionally, Pump.fun has accumulated over 1.487 million SOL in fees and revenue since its launch, currently worth over $344 million. The launcher has also deployed over 3.9 million transactions to date.&nbsp; 
Notably, Pump.fun account balances have shown significant growth since 2023, according to data from Arkham Intelligence. More specifically, the memecoin launcher experienced the most significant growth from October this year. However, there has also been significant volatility over the past month due to the increased skyrocketing prices in the crypto industry. 
<h3 id="span-style-font-weight-400-sol-price-remains-steady-despite-pump-fun-s-massive-liquidations-span">SOL price remains steady despite Pump.fun’s massive liquidations</h3> 
Solana’s native token SOL has been benefiting from the November bull run, gaining over 61% since the November 5 presidential elections. Three days ago, the coin hit a new all-time high of $263.83. SOL’s price has corrected since then, currently hovering around $230 at the time of writing. The current price is around 13.46% from the ATH recorded on November 23.&nbsp; 
Pump.fun’s liquidations since the beginning of the month are worrying the Solana community, increasing speculations of a SOL price plunge. However, despite the coin shedding more than 5% in price in the last 24 hours, there is no indication it was actually due to Pump.fun’s SOL transfer to Kraken. The coin’s trading volume is still high, recording over $7 billion in the past 24 hours and over 33% more than yesterday. 
The Solana DEX has also seen massive gains, with its trading volume crossing the $100 billion mark yesterday. According to DefiLlama data, the layer-1 DEX <a href="https://defillama.com/chain/Solana" rel="nofollow noopener" target="_blank">recorded</a> over $109 billion in DEX trading volumes this November as of Monday. The data indicated that the volumes seen were around 109% more than October’s $52.5 billion. Solana’s DEX volumes <a href="https://x.com/NPC_68/status/1861065963984306554" rel="nofollow" target="_blank">are</a> partly due to Pump.fun’s popularity and the increase in memecoins launched on the platform.&nbsp; 
<h3 id="span-style-font-weight-400-pump-fun-suspends-its-live-streaming-feature-indefinitely-span">Pump.fun suspends its live-streaming feature indefinitely</h3> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 A Community Notice regarding recent events: <a href="https://t.co/pZbs2RVekr" rel="nofollow" target="_blank">https://t.co/pZbs2RVekr</a> 
 — pump.fun (@pumpdotfun) <a href="https://twitter.com/pumpdotfun/status/1861138234580869128?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Before the transfer, the memecoin launcher had revealed changes to its live-streaming moderation. Pump.fun announced the suspension of its live-streaming service due to concerns about the content circulating on the platform.&nbsp; 
In the community update, the platform acknowledged the negative experience some users had, adding it was taking the opportunity to address them ‘openly and directly.’ The platform’s community team also insisted that it was dedicated to providing a safe environment for its users. The announcement revealed that the team had been taking down live streams, videos, names, images, and more to maintain the live-streaming service’s credibility and safety.&nbsp; 
The memecoin launcher also confirmed that the service would be stopped indefinitely to increase the safety of its users. Pump.fun assured individual creators of deeper visibility into the decision to help them understand where they stood after the suspension.&nbsp; 
<a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-1" target="_blank">A Step-By-Step System</a> To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

Pump.fun moves 99,999 SOL worth over $23 million to crypto exchange Kraken

Table of Contents

Cryptopolitan_News

Other articles published on Nov 26, 2024

Senator suggests how D.O.G.E. can save $2 Trillion of American Tax Payers

BlackRock’s Tokenized Fund BUIDL Now Available on Aptos, Arbitrum, and More Blockchains

Exploring 2024’s Top Crypto Wallets: A Comprehensive Guide to Plus Wallet, MetaMask, Zengo, Blue ...

Jiva Technologies Adopts Bitcoin Treasury Strategy with $1 Million Investment

Crypto Markets Remain Cautious Ahead of Key Economic Data

Shiba Inu’s $1 Dream: Can a 99% Burn Make It Happen?

Join our free newsletter for daily crypto updates!