Pump.fun transfers $5.83 million in SOL to Kraken

The cryptocurrency platform Pump.fun has transferred approximately 47,994 SOL, valued at roughly $5.83 million, to the Kraken exchange. This recent movement is part of an ongoing pattern where the platform transfers SOL accumulated from transaction fees to centralized exchanges.

According to on-chain data from Lookonchain, Pump.fun has sold a cumulative total of approximately 5.236 million SOL, amounting to an estimated $848 million. The average selling price for these transactions is recorded at approximately $162 per SOL.

These transfers appear to be periodic rather than a single mass sell-off, occurring in intervals of several weeks. This suggests the activity may be part of the platform's treasury management process. Despite this selling pressure, the price of SOL has shown resilience, rising from approximately $75 in early August to over $123 recently.