Pump.fun Transfers $25.3M in SOL to Kraken Amid 95% Revenue Drop

Pump.fun, a platform dedicated to creating meme coins on the Solana blockchain, has continued its transfer of SOL tokens to the Kraken exchange. The platform recently moved 196,370 SOL, valued at approximately $25.3 million, to Kraken. This transfer consisted of two main transactions: 78,000 SOL and 118,370 SOL. The SOL transferred to Kraken is only a fraction of the fee income Pump.fun has earned over the past three weeks, with an additional 120,000 SOL redeemed as pledged SOL.

As of January 2025, Pump.fun had transferred 1.56 million SOL to Kraken, valued between $281 million and $313 million at the time. With the latest transfer, the total SOL sent to exchanges now reaches approximately 1.76 million SOL, worth around $219 million at current prices.

Pump.fun's daily fee revenue has seen a significant decline, dropping from around 12,000 SOL, or $2 million per day, in February 2025 to less than 1,000 SOL, or $100,000 per day, in March 2025. This represents a 95% decrease in revenue. Previously, Dune Analytics data showed that Pump.fun generated 72,506 SOL in revenue on January 1, 2025, a 30% increase from its previous peak of 55,000 SOL in November 2024. Pump.fun’s cumulative fee revenue is estimated to be nearly $600 million at the time of writing, with a portion of this revenue appearing to have been moved or sold.

The drastic decline in fees is likely due to waning interest in meme coins. The meme coin craze on Solana peaked in late 2024 and early 2025, but recent token performance on Pump.fun has failed to meet expectations. Only a small percentage of Pump.fun tokens reach wider markets like Raydium. Previously, Pump.fun contributed to the market boom by creating over 600,000 new tokens in January 2025. However, competitive platforms have captured community interest, despite suffering from hacks. Over the past 24 hours, six tokens launched on Four.meme have exceeded a $1 million market cap, while only one token on Pump.fun reached that threshold.

Additionally, PvP trading enthusiasm in SOL has plummeted, reducing transaction 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. Meme coin market capitalization has dropped substantially, signaling a possible end to the “supercycle” of explosive growth. The ongoing SOL transfers to Kraken could indicate sales preparations, potentially putting downward pressure on SOL prices.