Kraken in the Spotlight as Pump.fun’s Massive SOL Deposits Raise Eyebrows

Pump.fun, a popular meme coin platform on the Solana blockchain, has come under scrutiny after depositing a staggering 117,913 SOL (worth approximately $18.26 million) to the Kraken exchange within just two hours. This recent activity is part of a larger pattern, with the platform having transferred a total of 3,097,265 SOL (valued at $575 million) to Kraken since its launch. The Solana community is abuzz with debate over these substantial movements, especially as Lookonchain data reveals that Pump.fun has also sold 264,373 SOL for 41.64 million USDC at an average price of $158 per token. These recurring deposits have sparked controversy, with many questioning the motives behind such large-scale transfers and their potential impact on the market.

Pump.fun’s Massive SOL Deposits to Kraken Spark Controversy

Pump.fun, a Solana-based meme coin platform, has drawn scrutiny after depositing 117,913 SOL ($18.26 million) to Kraken within two hours. This follows a pattern of substantial transfers totaling 3,097,265 SOL ($575 million) since its launch, fueling debate within the Solana community.

Lookonchain data reveals the platform also sold 264,373 SOL for 41.64 million USDC at an average price of $158 per token. The recurring deposits to Kraken suggest strategic liquidity management, though critics question the market impact of such concentrated movements.

Kraken Exchange to List Cardano-based Memecoin Snek on April 28

Kraken Exchange, a U.S.-based cryptocurrency platform with over 10 million users, will list Cardano-based memecoin Snek (SNEK) on April 28. Deposits and withdrawals are already enabled, though geographical restrictions apply.

The SNEK price surged over 16% following the announcement, breaking above a falling wedge pattern—a technical signal suggesting further bullish momentum. This listing marks a significant milestone for the Cardano ecosystem, reinforcing its growing adoption.