Pump.fun moved 47,994 SOL, worth about $5.83 million, to Kraken on Sept. 27, according to on-chain tracker Lookonchain. The transfer lifts Pump.fun's cumulative tracked SOL sales to roughly 5.236 million tokens worth about $848 million. Solana traded near $121 after the move, while Pump.fun kept running its separate PUMP buyback and burn program.
Pump.fun sent another batch of SOL to Kraken on Sept. 27, and Lookonchain classified the transfer as a fresh sale. The tracker counted 47,994 SOL worth roughly $5.83 million moving to the exchange about two hours before its update.
A pattern stretching back to 2024
The transfer extends a series of large Pump.fun-linked movements to Kraken that analysts have tracked since 2024. Lookonchain now estimates Pump.fun's cumulative SOL sales at 5,236,623 tokens worth around $848 million, at an average price near $162.
In May, Lookonchain reported the platform had sold about 4.47 million SOL for roughly $780 million at an average price near $175, with 4.20 million SOL deposited into Kraken and 264,373 SOL sold directly on-chain for about $41.6 million in USDC. A similar pattern appeared in June 2025, when Pump.fun transferred 132,180 SOL worth around $20.87 million to Kraken, pushing cumulative deposits that year above 2.47 million SOL.
Solana holds above $120 after the transfer
SOL showed no sharp reaction tied to the transfer. CoinGecko placed the token near $121.38, up roughly 1% over 24 hours and 11.6% over the previous seven days, with about $2.83 billion in 24-hour trading volume and a market capitalization above $71 billion.
Earlier in September, SOL traded closer to $100 before recovering toward resistance. By Sept. 18, it had risen above $105 and was testing its upper Bollinger Band. The latest transfer represents less than $6 million against Solana's multibillion-dollar daily spot volume, and no evidence currently ties it to a measurable price drop.
PUMP buybacks continue alongside the SOL moves
Pump.fun's treasury activity runs alongside its PUMP token burn program. The platform's dashboard showed about $463.5 million spent buying and burning 167.91 billion PUMP tokens as of Sept. 25, with annualized protocol revenue near $504 million based on its 90-day average. The current framework allocates around 50% of platform revenue toward PUMP purchases and burns, and Pump.fun says 16.79% of the original one trillion PUMP supply had been removed through the program by Sept. 25.
Kraken does not publicly disclose how individual deposits are handled once they reach the exchange, so a transfer on its own does not confirm every token was sold.
Source: crypto.news
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