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Pump.fun is extending its massive Solana dump with another transfer to cryptocurrency exchange Kraken. According to on-chain analytics firm Lookonchain, the memecoin platform transferred 100,628 SOL ($8.2 million) to the cryptocurrency exchange, and the funds are likely already sold.
Lookonchain tweeted:
The once-booming meme coin exchange has been aggressively selling SOL, the base cryptocurrency of choice for memecoin developers, for the better part of the last 2 years. The memecoin economy practically propped up the Solana ecosystem during this time, before developers were able to advance long-term use cases for Real World Asset (RWA) tokenization and DeFi.
All in all, Pump.fun has sold roughly 4.47 million SOL since early 2024, worth around $780 million at press time. Kraken alone has handled 4.2 million SOL ($738.6 million) of this stash, showing it is the exchange of choice for the memecoin platform.
The Rise and Fall of Pump.fun
The future of Pump.fun is uncertain after the collapse of the memecoin economy. The platform may have helped Solana increase its network activity, but it was also labeled as “value extractor” or “parasite” by critics. It regularly used FOMO to sell its memecoin inventory, converted it into SOL, and then dumped huge portions of it online.
 
The memecoin industry may have contributed to the cryptocurrency’s poor performance during the 2024-2025 bull market. Some community members have claimed that SOL would have hit new all-time highs without this overhead and dominated the coin market cap charts.
The memecoin economy has suffered a catastrophic fall over the last 8 months, dropping from an all-time high (ATH) market capitalization of $88 billion in July 2025 to a fraction of that by the start of 2026. Recently, online banter coins have been seeing a recovery of sorts, reaching as high as $40 billion in May, but they still have a long way to go to revisit their heyday.
The Future
Despite the fragility of memecoins, Pump.fun is not slowing its SOL sales, which is expected to put further pressure on the crypto’s price performance. It keeps dumping the token instead of keeping its stash within the ecosystem, which is going to hurt investors who continue to believe Solana is undervalued at this point.
The next bull market will be interesting for Solana’s future, as it has to move away from the memecoin economy toward something more worthwhile. This is why it is continuing to invest in RWA tokenization and DeFi sectors, hoping for them to have more sway over the short-term frenzy of memecoins.