Solana-based memecoin creation platform Pump.fun has surpassed $300 million in deposits on cryptocurrency exchange Kraken, according to on-chain data. Pump.fun's Kraken Deposits Surpass $300 Million The platform moved an additional 120,000 SOL worth approximately $14.76 million on January 1, 2025, bringing its total deposits to 1,500,893 SOL. Featured Transactions According to On-Chain analytics account Lookonchain, Pump.fun sold 264,373 SOL for 41.64 million USDC. The Pump.fun fee account contains 70,284 SOL worth over $14.4 million and Jito Staked SOL worth $24.4 million. Pump.fun’s latest transfer comes amid a significant decline in key metrics: The daily trading volume of tokens launched by Pump.fun on the decentralized exchange Raydium has fallen significantly from the peak of $2.58 billion on November 19, 2024. The platform's daily revenue fell from $5.31 million on November 24, 2024 to $2.12 million as of January 1, 2025. Solana’s real economic value fell from $27.6 million on November 24, 2024, to $4.65 million by the end of December 2024. Weekly transaction fees on the network also reflect similar trends. The decline in activity comes at a time when Pump.fun is facing increased scrutiny. Last month, Chainalysis expanded its analysis to include memecoins created by Pump.fun. In November, Pump.fun came under fire for its controversial live streaming feature, which some saw as promoting harmful content. The feature was soon suspended following public outcry. While Pump.fun’s significant deposit into Kraken highlights its continued activity in the crypto space, the platform’s dwindling metrics and controversies underscore the challenges facing the broader Solana ecosystem and memecoin sector. *This is not investment advice. Continue Reading: Memecoin Creation and Trading Platform Pump.fun's Deposits on Kraken Exceed $300 Million!
