Pump.enjoyable, the Solana meme coin launchpad, despatched one other $22 million of Solana to Kraken earlier at the moment. The newest outflow brings the entire to greater than $94 million despatched by the Pump Enjoyable Price Account to Kraken within the final month, in accordance with blockchain information on Solana block explorer Solscan.
The latest outflow fueled hypothesis that Pump Enjoyable is promoting Solana on centralized exchanges, a transfer some really feel could possibly be suppressing Solana’s worth. That hypothesis was shortly met with a reply from Pump Enjoyable’s pseudonymous co-founder Alon, who indicated the promote claims have been “spreading misinformation.”
“Do you know which you can ship property to an alternate with out aspiring to promote these property?” he stated on X (previously often called Twitter) in response to standard on-chain information account Lookonchain’s declare that Pump Enjoyable offered Solana. Lookonchain later issued a correction, clarifying it couldn’t confirm the sale of Solana. Pump Enjoyable’s founders didn’t instantly reply to Decrypt’s request for remark.
The favored meme coin launchpad has been a standout crypto software of this cycle, producing greater than $220 million in income since its creation in January 2024, in accordance with information from DefiLlama.
A notable proportion of that income has been presumably offered or moved off-chain, drawing ire from the group as early as June.
“Pump enjoyable devs actively promoting down the cash they’re extracting into USDC, taking cash out of the palms of retail; if this tempo of worth destruction continues it turns into a reasonably significant headwind for coining on Solana,” stated pseudonymous crypto persona 0xSisyphus in June.
As such, Pump Enjoyable has been likened to the Ethereum Basis, which is continuously cited for sending Ethereum to exchanges, a becoming scapegoat for the relative underperformance of Ethereum in comparison with its crypto friends Bitcoin and Solana.
Whether or not Pump Enjoyable is utilizing Solana as collateral for leveraged buying and selling on Kraken or just promoting, the asset has continued to achieve floor alongside the platform’s ascension. Solana lately hit an all-time excessive, climbing above $260 earlier than pulling again in latest days.
Since its creation almost 4 million tokens have been launched on Pump.enjoyable, and the platform has accounted for greater than 62% of Solana’s decentralized alternate (DEX) transactions in November.
Day by day Debrief Publication
Begin on daily basis with the highest information tales proper now, plus authentic options, a podcast, movies and extra.