Kraken in the Spotlight as Pump.fun Faces Criticism Over $741 Million Fee Controversy on Solana
Pump.fun, a popular memecoin launchpad on the Solana blockchain, is facing significant backlash after reports emerged that the platform has allegedly extracted $741 million from its users through aggressive fee structures. Blockchain data analysis reveals that since May 2024, Pump.fun has sold 4.1 million SOL tokens, converting $699 million worth to Kraken and $41.6 million to USDC. Critics have labeled the platform a zero-sum game, highlighting that while 293 wallets profited over $1 million each, 99% of its 13.55 million users saw minimal or no returns. The controversy has sparked debates about transparency and fairness in decentralized finance (DeFi) platforms, with many calling for greater accountability. As the situation unfolds, the role of exchanges like Kraken in facilitating these transactions is also coming under scrutiny. This development underscores the need for clearer regulations and user protections in the rapidly evolving cryptocurrency landscape.
Pump.fun Faces Backlash Over $741 Million Fee Extraction on Solana
Pump.fun, a Solana-based memecoin launchpad, is under fire for allegedly extracting $741 million from users through aggressive fee structures. Blockchain data reveals the platform sold 4.1 million SOL tokens since May 2024, converting $699 million worth to Kraken and $41.6 million to USDC.
Critics argue the platform operates as a zero-sum game: while 293 wallets profited over $1 million, 99% of its 13.55 million users never crossed $10,000 in gains. crypto Bitlord labeled it a 'disease' responsible for 'mass killings and suicides,' calling for its removal from the ecosystem.
The controversy highlights tensions between memecoin speculation and sustainable value creation in crypto. Solana's SOL token remains central to the narrative, with exchanges like Kraken facilitating the liquidity movements.
XRP Price Tests Key Support Level Amid Market Consolidation
XRP faces a critical juncture as it struggles to maintain support above $2.120 after a recent downturn. The digital asset breached multiple support levels, including $2.220 and $2.180, mirroring broader market weakness seen in Bitcoin and Ethereum.
A minor recovery attempt emerged with a break above the 23.6% Fibonacci retracement level and a bearish trend line at $2.1550. However, the token remains constrained below both the $2.20 psychological level and the 100-hour moving average, with Kraken data showing consolidation NEAR recent lows.
Market participants await a decisive move above $2.2250, which WOULD represent a 50% retracement of the recent decline from the $2.335 swing high. Failure to hold current levels could signal further downside potential for the embattled asset.
Dogecoin Faces Strong Resistance Amid Market Decline
Dogecoin's price trajectory remains bearish as it struggles to reclaim key resistance levels. The meme cryptocurrency failed to sustain momentum above $0.1820, triggering a fresh decline that pushed it below critical support at $0.1780. Market data from Kraken shows Doge now trades below both the psychological $0.17 threshold and its 100-hour moving average—a typically bearish technical formation.
A minor recovery attempt saw the token break a short-term bearish trendline at $0.1680, with bulls testing the 23.6% Fibonacci retracement level. However, the 50% retracement level near $0.1725 now serves as immediate resistance. Failure to hold above $0.1750 could signal renewed downward pressure, potentially retesting the recent swing low of $0.1641.
