SOL Transfers of Pump.fun to Kraken Continue as Revenue Drops 95%

The Solana-based meme coin platform Pump.fun has continued to transfer SOL tokens. Recently, the platform transferred 196,370 SOL, worth around $25.3 million, to the Kraken exchange.

Additionally, Pump.fun's daily fee revenue has dropped from around 12,000 SOL, equivalent to $2 million per day, in February 2025 to under 1,000 SOL, equivalent to $100,000 per day, in March, a 95% decrease.

Pump.fun Transfers SOL to Kraken

According to EmberCN, the recent transfer of 196,370 SOL included two main transactions of 78,000 SOL and 118,370 SOL.

"The SOL that PumpFun transferred to Kraken today is just a small portion of the fee income over the past three weeks. Additionally, there are 120,000 SOL that PumpFun has already converted to SOL that have been committed," EmberCN reported.

In January 2025, Lookonchain reported that Pump.fun had transferred 1.56 million SOL to Kraken. With SOL prices ranging from $180-$200 in Q1, this amount was valued at $281 million to $313 million. With the latest transfer, the total SOL sent to exchanges now stands at around 1.76 million SOL, worth approximately $219 million at the current price.

Declining Revenue at Pump.fun

Furthermore, EmberCN also emphasized that in February 2025, Pump.fun's average daily fee revenue was 12,000 SOL per day, equivalent to around $2 million per day. However, by March 2025, the revenue had dropped to under 1,000 SOL per day, marking a 95% decrease.

Previously, data from Dune Analytics showed that Pump.fun had generated 72,506 SOL in revenue on January 1, 2025, a 30% increase from the previous peak of 55,000 SOL in November 2024.

Pump.fun's cumulative fee revenue is estimated to be close to $600 million at the time of writing. A portion of this revenue appears to have been transferred or sold.

The sharp decline in fees may be due to waning interest in meme coins. The meme coin frenzy on Solana peaked in late 2024 and early 2025. However, the recent performance of tokens on Pump.fun has not met expectations. Only a small portion of Pump.fun's tokens have achieved broader market adoption like Raydium.

Previously, Pump.fun also contributed to the market explosion by creating over 600,000 new tokens in January 2025. However, competing platforms like Four.meme have attracted community attention, despite facing attacks. In the past 24 hours, six tokens launched on Four.meme have surpassed a $1 million market capitalization, while only one token on Pump.fun has reached that threshold.

Moreover, according to EmberCN, the enthusiasm for PvP trading in SOL has declined significantly, reducing the trading volume on Pump.fun.

The 95% revenue drop from February to March 2025 signals a potential downturn. Pump.fun's heavy reliance on meme coins makes it vulnerable to market shifts. The meme coin market capitalization has declined significantly, indicating the potential end of the "super cycle" of explosive growth. The continuous transfers of SOL to Kraken may suggest preparations for selling, potentially putting downward pressure on the SOL price.

At the time of writing by BeInCrypto, the price of SOL is trading at $124.05.