Last night, it was discovered that Pump.fun deposited 196,370 SOL on Kraken.
The hypothesis, of course, is that they want to sell them, given that Kraken is a well-known crypto exchange, and considering that they have already sold SOL many other times in this way.
Just consider that up to now, in the course of 2025 alone, they have sent a total of 1,519,200 SOL to Kraken, for a dollar equivalent of 285.42 million.
The gains in SOL of Pump.fun
Pump.fun allows anyone to easily launch tokens on Solana.
Therefore, the cryptocurrency with which transaction fees on Pump.fun must be paid is precisely SOL, the native cryptocurrency of Solana. Additionally, Pump.fun earns a percentage on all transactions, which are also carried out in SOL.
So the revenues of Pump.fun occur precisely in SOL, so much so that up to today it appears that they have earned a total of 3,184,205 SOL (more than 400 million dollars).
Note that the platform for launching memecoins was created just over a year ago, in January 2024, so the over 400 million dollars earned came in just over 12 months.
These are remarkable numbers for an initiative launched so recently, even though lately the hype for memecoins has deflated a bit.
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Pump.fun behind the boom in the price of SOL
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It is very likely that behind the bull of SOL in 2024 there was precisely the enormous success of Pump.fun.
To tell the truth, 2023 had already gone very well for Solana, with a price increase from $10 to $100, but it was not enough to approach the all-time highs of 2021.
During 2024, however, the price first reached $200 in March, and then even above $250 in November.
The all-time high was recorded on January 19, 2025, above the 290$ mark, but since then a significant decline has begun.
It must be said that the maximum peak of 2023, before the two subsequent peaks of 2024, was below $115, and the minimum price of 2025 so far has been $114, therefore exactly in line with that.
In other terms, with the entry of the crypto markets into Bitcoin season, and the burst of the mini-bubble at the end of 2024, the price of SOL ended up losing not only the gains of the end of the year, but also those from the first part of 2024.
It’s as if over the past year Pump.fun had generated a mini-bubble on SOL culminating with the all-time high in January, and once this mini-bubble deflated, the price of Solana returned to the levels prior to the Pump.fun boom.
The memecoin
It should be remembered that memecoin are purely and exclusively speculative assets, without any real value.
In fact, not even Dogecoin, the first and most important memecoin in history, has ever truly managed to go beyond mere speculation.
Being therefore assets that do not have a true value, but only a momentary selling price due solely to speculation, generally when their value rises, sooner or later it falls, especially when real speculative bubbles inflate.
Dogecoin is actually a case apart, because it is often promoted by Elon Musk, but even the price of DOGE has inflated two mini-bubbles during 2024, although the first one has not yet completely burst (while the second one has).
Even more emblematic is the case of Shiba Inu, the memecoin that was a major protagonist of the speculative bubble of 2021. In fact, in this case, two mini-bubbles did inflate during 2024, but both have now deflated, with the current price returning to the levels of the end of 2023.
Even President Trump’s memecoin, now fourth overall in market capitalization among memecoins, after the initial boom has lost almost everything it had gained in January. It debuted at around $8.5, and after skyrocketing to $75 the following day, it has now ended up dropping below $11.
The future of SOL (Solana)
The sale of 196,370 SOL by Pump.fun might not have significant negative effects on the price of SOL. After all, it’s a small amount compared to the 1,519,200 SOL sent by the platform to Kraken in the course of 2025.
However, this is a sign of a strong deflation of the speculative bubble of the memecoins of 2024/2025.
To tell the truth, memecoins often do so, so much so that it cannot be ruled out that there will be other speculative bubbles in the future, but it is not certain that they will have positive impacts precisely on Solana.
For example, the great memecoin bubble of 2021 had positive effects especially on Ethereum and BNB, while Solana came into play at a later stage. It is true that at this moment Solana dominates the memecoin market, but there are already other chains ready to compete with it.
However, if another bubble were to inflate during this same 2025, it seems that SOL could be the one to benefit the most, especially because the mania of launching memecoins on Pump.fun might have only been temporarily set aside.
