Pump.fun’s SOL Transfers to Kraken Amid 95% Revenue Decline

Pump.fun, a platform dedicated to the creation of meme coins on Solana, continues to move significant amounts of SOL tokens. Recently, they transferred 196,370 SOL, valued at around $25.3 million, to the Kraken exchange.

The daily revenue for Pump.fun has seen a staggering decline, dropping from approximately 12,000 SOL (around $2 million) in February 2025 to less than 1,000 SOL (about $100,000) by March—a dramatic 95% decrease.

Pump.fun's SOL Transactions to Kraken

As reported by EmberCN, this substantial transfer comprised two primary transactions: 78,000 SOL and 118,370 SOL. Furthermore, EmberCN noted that “the SOL that PumpFun transferred to Kraken today is only a small portion of the fee income from the past three weeks. Additionally, there are 120,000 SOL that PumpFun redeemed as pledged SOL.”

According to Lookonchain, back in January 2025, Pump.fun had moved 1.56 million SOL to Kraken. Given that SOL's price ranged between $180 and $200 during that period, this transfer was valued between $281 million and $313 million. With the latest batch of transfers, the total SOL sent to exchanges has now reached about 1.76 million SOL, estimated to be around $219 million at current values.

Declining Revenue of Pump.fun

In February 2025, the platform’s fee revenue averaged 12,000 SOL per day (about $2 million). However, by March 2025, that revenue dipped below 1,000 SOL daily, marking a significant downswing.

Earlier data from Dune Analytics indicated that on January 1, 2025, Pump.fun’s revenue had peaked at 72,506 SOL, a 30% increase from its November 2024 peak of 55,000 SOL.

Currently, Pump.fun’s cumulative fee revenue totals around $600 million, although a portion may have been sold or transferred. The dramatic drop in fees likely stems from waning interest in meme coins, as the meme coin phenomenon peaked in late 2024 and early 2025. Recently, the token performance on Pump.fun has not met expectations, with only a small fraction reaching broader markets such as Raydium.

Previously, Pump.fun contributed significantly to the market by creating over 600,000 new tokens in January 2025. However, competitive platforms like Four.meme have attracted the community’s attention, even amid hacks affecting their operations. In the last 24 hours, six tokens launched on Four.meme surpassed a $1 million market cap, while only one from Pump.fun achieved that level.

Additionally, EmberCN pointed out that Player vs Player (PvP) trading interest in SOL has declined, resulting in reduced transaction volumes for Pump.fun.

The 95% revenue drop from February to March 2025 heralds potential challenges. Pump.fun's heavy dependence on the meme coin sector makes it susceptible to shifts in market dynamics. The declining market cap of meme coins suggests an end to the “supercycle” of explosive growth. The ongoing SOL transfers to Kraken might indicate forthcoming sales, which could exert pressure on SOL prices.

As reported, the current trading price for SOL is $124.05.