Yigit Taha OZTURK 
Memecoin launchpad PumpFun has once again transferred a large amount of Solana (SOL) to Kraken. According to data from Onchain Lens, a total of 54,113 SOL, worth approximately $7.81 million, were moved to the trading platform.
This transaction is part of a pattern in which the launchpad has offloaded 1,573,313 SOL this year alone. On January 2, Onchain Lens reported that the launchpad moved 120,000 SOL, worth approximately $22.88 million, to Kraken. Additionally, last month, another 148,759 SOL, valued at $28.22 million, were transferred. These frequent transactions often place Solana under intense selling pressure.
PumpFun and the PumpSwap Move
In a bid to repair its ecosystem reputation, PumpFun has launched PumpSwap. This new platform is a decentralized exchange (DEX) designed to provide traders and investors with a more direct and efficient way to trade meme coins.
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PumpSwap intends to reduce dependency on centralized exchanges like Kraken and hopes to improve liquidity within the Solana ecosystem.
Solana Price Outlook Amid Growing Consolidation
Despite PumpFun‘s frequent transactions, Solana‘s price has remained relatively stable. After the February 13 transfer of 148,759 SOL, CoinGape reported that SOL price dropped by 1.2% before recovering.
Many analysts have mixed opinions on whether the market will continue consolidating or if Solana will break out soon.
Some stakeholders, such as VanEck, see the coin soaring to $520 in the long term should market conditions be favorable. However, repeated large-scale transfers like those from PumpFun could serve as a headwind for the coin.
As of this publication, CoinMarketCap data shows that SOL price was trading at $143.99, up 1.60% in the last 24 hours.
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