Pump.fun may be resuming SOL sales after 9-month pause, says analyst

On-chain analyst Lookonchain has suggested that Pump.fun (PUMP), a Solana-based memecoin issuance platform, may have resumed selling its SOL holdings. According to the analyst, a wallet presumed to belong to Pump.fun deposited 174,408 SOL, worth approximately $14.76 million, to Kraken about 13 hours ago. Subsequently, a new anonymous address withdrew 117,877 SOL (around $9.96 million) and exchanged it for 9.96 million USDC at an average price of $84.52. This USDC was then also deposited to Kraken. Lookonchain noted that this activity could be part of Pump.fun's move to sell its SOL. Previously, the analyst had pointed to a deposit of 82,700 SOL ($7.02 million) to Kraken by a Pump.fun address, suggesting a resumption of sales for the first time in about nine months since Aug. 12 of last year.