Solana News: PumpFun’s Large SOL Transfer to Kraken Sparks Bearish Sentiment

Recent developments in the Solana ecosystem have caught the attention of the cryptocurrency community, particularly a significant SOL transfer by PumpFun to the Kraken exchange. Here’s a closer look at what’s happening.

PumpFun Moves $7.81M Solana to Kraken, Fuels Bearish Sentiment

Memecoin launchpad PumpFun has transferred a significant volume of Solana (SOL) to Kraken. According to Onchain Lens, 54,113 SOL, worth approximately $7.81 million, were moved to the exchange platform. This transaction follows a pattern of PumpFun dumping large SOL amounts this year, fueling market speculation. Previous transfers included 120,000 SOL worth $22.88 million and 148,759 SOL worth $28.22 million. Solana is currently trading at $143.18, up 2.48 percent over 24 hours but down 12.80 percent over 30 days. Meanwhile, PumpSwap’s launch aims to boost Solana’s DEX ecosystem, but concerns persist over PumpFun’s SOL transfers.

PumpSwap Hits $1.5B Volume One Week After Launch

Pump.fun’s new decentralized exchange, PumpSwap, has reached $1.52 billion in trading volume just a week after launch. Dune Analytics data shows that PumpSwap DEX has handled more than 14 million swaps, bringing in a total of $3.03 million in fees. The current 0.25% trading fee structure allocates 0.20% to liquidity providers and 0.05% to the protocol, though this will change post the implementation of Creator Revenue Sharing. The majority of PumpSwap transactions are small, with 21.40% of trades between $10 and $100, and 65.22% involving amounts under $10. As of Mar. 25, PumpSwap held a 19% market share, trailing Raydium (RAY) which leads at 45%. Built on Solana (SOL), PumpSwap currently has 441,000 active wallets.

Bitwise Bullish on Solana ETFs, Approval Expected Soon

The future of Solana-based ETFs looks promising, with key founders outlining expectations for the network and its highly anticipated Solana-based exchange-traded fund. During an interview on Lightspeed, a cryptocurrency-based podcast, Anatoly Yakovenko, co-founder of Solana, and Kyle Samani, co-founder and partner at Multicoin crypto investment firm, revealed that institutional investors such as Bitwise and VanEck are excited about the Solana ETF and expect it to exceed expectations.

Solana Forecast: Potential for 25x Gains in 2025?

This article explores the potential for Solana (SOL) to see monumental growth by 2025, drawing parallels with a new altcoin making waves in the market. The remarkable performance of community-driven tokens like PEPE, Dogwifhat, and Bonk underscores the power of effective branding, viral marketing, and engaged communities. While the article does not represent investment advice, it delves into the factors that could propel Solana to unprecedented heights.