Pump.fun sends $6.85 million in SOL to Kraken after 15-day pause

Blockchain tracker Lookonchain reported the transfers in a Nov. 6 update, citing an Arkham transaction view showing several Pump.fun fee accounts sending SOL to an address labeled as a Kraken deposit wallet. The batches included roughly 7,227 SOL, 7,170 SOL and 20,464 SOL. The Money Ape said the funds passed through an intermediary wallet; a separate transaction view showed SOL moving from the deposit address to a wallet labeled Kraken’s hot wallet.

Lookonchain put Pump.fun’s cumulative SOL sales at 5,553,833 SOL, with an average price of $158.88 per token and a total value of $882.4 million. The tracker described the latest activity as renewed selling, but its update did not give an execution price. A deposit to an exchange shows that tokens reached it, not when or at what price they may have been sold.

The figures are up 317,210 SOL and $34.4 million from Lookonchain’s Sept. 27 snapshot, when it said Pump.fun had moved 47,994 SOL, then worth $5.83 million, to Kraken. At that point, the tracker estimated cumulative sales of 5,236,623 SOL worth $848 million.

On X, trader j criticized Pump.fun’s incentives, arguing that the platform profits from repeated trading and token creation without sufficiently improving user outcomes. The trader called the team “not user-aligned, nor ecosystem aligned” and proposed higher starting market capitalizations, liquidity that compounds over time, removing callout rewards, and limiting creators to one token launch every 24 hours. J also argued that an airdrop should follow product improvements and benefit users rather than influential figures. Despite the criticism, j said Pump.fun had helped them become a multimillionaire at age 20 and expressed hope the team would improve the platform.

J and market commentator kioto presented Robinhood as a potential challenger. Kioto called it the best current chance of restoring volume to the memecoin market, while j pointed to the company’s resources and interest in on-chain trading. Separately, Pump.fun reported generating $10.03 million in fees during Aug. 3–9 and spending about $5.02 million to buy and burn 2.15 billion PUMP. Its published framework committed 50% of designated revenue to buybacks and burns through a locked smart contract.

The Money Ape also questioned whether Pump.fun knew in advance about a Chinese investigation into Solana promotion, but offered no evidence for the suggestion. China’s Financial Times cited a People’s Bank of China official saying authorities had halted a planned Solana event in Shanghai and would investigate domestic entities and individuals involved in its promotion. The official cited advertising on Citigroup Tower in Lujiazui as violating cryptocurrency promotion restrictions. Solana Foundation President Lily Liu had attributed the October postponement to registrations quadrupling overnight and exceeding the venue’s registered capacity; the central bank official later described intervention involving financial regulators, police and market supervision authorities.