Solana News Today: Pump.fun Deposits 3.93M SOL on Kraken as PUMP Rises 9.8% Amid Solana Meme Surge

Pump.fun has gained renewed attention as the price of Solana (SOL) approaches $200, with the meme token platform leveraging increased inflows to deposit SOL into Kraken for potential liquidity. On-chain data indicates that Pump.fun transferred a total of 86,254 SOL to the exchange on July 10—the first such deposit since June 10—marking a strategic shift from its usual PUMP token buyback model [1]. The platform has since deposited an additional 3.93 million SOL to Kraken at varying price levels, including as low as $158, though no guarantees exist that all holdings will be liquidated [1].

The move signals a pivot in Pump.fun’s financial strategy, as the intermediary wallet used for these transactions has now been drained of its balance. However, the platform retains at least 898,000 SOL across its other public wallets, which may be used to continue PUMP buybacks or support selected meme projects [1]. Despite pausing buybacks for several days, PUMP has still managed to recover to $0.004, with a 9.8% increase over the past 24 hours. To date, the platform has allocated 197,739 SOL to buybacks, contributing to a significant rise in its daily fees, which have hit $3.27 million—a marked increase from recent lows of under $500,000 [1].

This resurgence in Pump.fun’s activity coincides with a broader increase in Solana-based meme token deployment. Over 50,000 tokens have been launched in the past week alone, intensifying competition among launchpads. Pump.fun’s market share has rebounded to 74.5%, pushing out previously dominant platforms such as LetsBonk.fun, which has fallen to 10%. Bags has emerged as the second-largest player with 11.2% market share, while smaller platforms like Meteora and Jupiter are also vying for attention by integrating new features [1].

Analysts have noted that the bulk of activity on Pump.fun—potentially over 95%—is driven by deployers rather than retail users. These actors frequently shift between platforms to exploit the most favorable market conditions, contributing to a dynamic and rapidly evolving competitive landscape [1]. The presence of automated deployer strategies has also led to a rotation of platform dominance every few days, further fragmenting market share.

Looking ahead, Pump.fun appears to be positioning itself to create its own cult tokens, aiming to replicate the success of past projects like GIGACHAD. Co-founder Alon Cohen recently hinted at a return of the “hold and believe” mentality on X, suggesting a renewed focus on community-driven value [1]. Recent tokens selected by the Glass Full Foundation—such as Spirit of Gambling (TOKABU) and Housecoin (HOUSE)—are already showing signs of cult-like followings, with TOKABU peaking at $0.06 and consolidating at $0.05, while HOUSE has stabilized at $0.02 [1].

The broader Solana ecosystem is also gaining momentum. As SOL nears $200, analysts have pointed to a potential $300 price target, supported by strong on-chain activity and strategic moves from key players like Pump.fun [2]. The platform’s ability to drive both token price action and fee revenue indicates a strong alignment with investor sentiment in the volatile memecoin space [1].

Sources:

[1] Pump.fun cashes in as SOL nears $200

https://coinmarketcap.com/community/articles/689c44ca25f4777113d89cde/

[2] Pump.fun Price, PUMP Price, Live Charts, and Marketcap

https://www.coinbase.com/price/pump-fun-solana