Pump.enjoyable, the Solana meme coin launchpad, despatched one other $22 million of Solana to Kraken earlier at the moment. The newest outflow brings the full to greater than $94 million despatched by the Pump Enjoyable Price Account to Kraken within the final month, in line with blockchain information on Solana block explorer Solscan.
The latest outflow fueled hypothesis that Pump Enjoyable is promoting Solana on centralized exchanges, a transfer some really feel may very well be suppressing Solana’s worth. That hypothesis was rapidly met with a reply from Pump Enjoyable’s pseudonymous co-founder Alon, who indicated the promote claims have been “spreading misinformation.”
“Did you know that you can send assets to an exchange without intending to sell those assets?” he mentioned on X (previously often called Twitter) in response to standard on-chain information account Lookonchain’s declare that Pump Enjoyable bought Solana. Lookonchain later issued a correction, clarifying it couldn’t confirm the sale of Solana. Pump Enjoyable’s founders didn’t instantly reply to Decrypt’s request for remark.
The favored meme coin launchpad has been a standout crypto utility of this cycle, producing greater than $220 million in income since its creation in January 2024, in line with information from DefiLlama.
A notable share of that income has been presumably bought or moved off-chain, drawing ire from the neighborhood as early as June.
“Pump fun devs actively selling down the money they are extracting into USDC, taking money out of the hands of retail; if this pace of value destruction continues it becomes a pretty meaningful headwind for coining on Solana,” mentioned pseudonymous crypto persona 0xSisyphus in June.
As such, Pump Enjoyable has been likened to the Ethereum Basis, which is incessantly cited for sending Ethereum to exchanges, a becoming scapegoat for the relative underperformance of Ethereum in comparison with its crypto friends Bitcoin and Solana.
Whether or not Pump Enjoyable is utilizing Solana as collateral for leveraged buying and selling on Kraken or just promoting, the asset has continued to achieve floor alongside the platform’s ascension. Solana just lately hit an all-time excessive, climbing above $260 earlier than pulling again in current days.
Since its creation almost 4 million tokens have been launched on Pump.enjoyable, and the platform has accounted for greater than 62% of Solana’s decentralized trade (DEX) transactions in November.