Pump.fun moved 47,994 SOL worth about $5.83 million to Kraken on September 27, adding another large exchange-bound transaction to its treasury history. The latest Pump.fun SOL transfer comes as Lookonchain estimates the platform has sold 5.236 million SOL for roughly $848 million.
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Lookonchain said the transaction occurred about two hours before its update. Its tracker classified the movement as another sale and placed Pump.fun’s average selling price across the cumulative total at about $162 per SOL.
What Happened in the Latest Pump.fun SOL Transfer?
On September 27, Pump.fun conducted an SOL transfer that consisted of 47,994 SOL, worth $5.83 million. The latest estimate by Lookonchain increased the cumulative sales to 5,236,623 SOL, worth $848 million.
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These statistics represent the analytical data and not the financial information released by Pump.fun. As for the total tracked amount, the average selling price per SOL is estimated to be around $162 according to Lookonchain.
However, on September 12, there was another example of this pattern when a Pump.fun fee wallet transferred 77,706 SOL, worth $7.88 million, to Kraken.
Another August SOL transfer by Pump.fun included 84,789 SOL, worth $6.25 million. At that moment, the Lookonchain estimate showed cumulative sales of 4.823 million SOL, worth $807 million.
Why Are Pump.fun’s Kraken Deposits Closely Watched?
The large exchange deposits draw attention because they are putting tokens in places where trading is taking place. However, a Pump.fun SOL move to Kraken cannot tell everything about how each token is handled after assets get deposited.
Trading on centralized exchanges takes place using internal mechanisms. That is why it is impossible to trace all actions after depositing assets through a Solana transaction.
This fact is important to understand the meaning of the $848 million figure. Lookonchain has labeled the September 27 move as a sale, but the actual move of SOL to Kraken can be seen.
Previously, analysis has distinguished between deposits in exchanges and actual swaps on the chain. It means the move of Pump.fun SOL has to separate blockchain moves from sales identification.
How Does the SOL Movement Compare With PUMP Buybacks?
Treasury transfers coincide with the PUMP buyback-and-burn process by Pump.fun. According to its official dashboard, $463.5 million was spent on buybacks, and 167.91 billion PUMP was burned up until September 25.
In the current setup, the platform seeks to allocate 50% of its daily revenue to buying PUMP. On September 25, around 7,100 SOL with a total value of about $838,200 was used to buy and burn 208.9 million PUMP.
A day before that, 7,200 SOL, which was valued at $832,400, was used to buy and burn 211.8 million tokens. Daily spending from September 16 through September 25 was usually around 6,800 to 8,700 SOL.
The two processes mentioned above are distinct streams of transactions. While one is related to revenue allocation, the second one refers to treasury transfers to an exchange.
As per Pump.fun, the program has already burned 16.791% of PUMP’s original one trillion token supply. The protocol annualized revenue according to the official dashboard is about $504 million based on the 90-day average.
What Does the $848M Sales Estimate Show?
The recent Pump.fun SOL transfer is a transaction that continues a longer chain of transactions being monitored by on-chain analysts. Lookonchain has estimated the aggregate sales of 5.236 million SOL, increasing from about 4.823 million since early August.
This indicates that despite the continuation of the buyback of tokens by Pump.fun, there continued to be activity within its treasury. However, this data does not indicate that each deposit on Kraken was immediately sold or that the recent transfer caused the movement of SOL.
From the point of view of treasury monitoring, the Pump.fun SOL transfer should be considered as an exchange movement. The estimate of Lookonchain of $848 million is still an estimate outside the reports of the company itself.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
