 to centralized exchange Kraken over nine hours.){kind=link}
Pump.fun has again moved a large part of its transaction fee income. On-chain data shows that the project transferred 154,000 SOL (approximately $24.39 million) to centralized exchange Kraken over nine hours.
This sale is part of a pattern in which the earnings of Pump.fun are moved to liquid assets every one to two weeks.
Even though this practice is not new for Pump.fun, the timing and context of the latest transfer raises questions.
– Meme coin trading activity is cooling off, and daily/weekly volumes on the platform were starting to dip.
– Transaction volume at Pump.fun soared to around $700 million by early June, but now hovers between $300-$350 million, indicating not only a solid downturn in user engagement but also a clear sign of on-chain trade frenzy having calmed down.
More Than $750 Million in SOL Cashed Out Over a Year
Pump.fun has been building a huge treasure quietly through transaction fees after it rose to prominence. In the past year, the platform has sold approximately 4.179 million SOL, which equals about $751 million in realized value. This amounts to an average sale price of $179.89 per SOL, which not only underscores how much activity there has been on the platform, but also highlights the platform’s consistent strategy of managing its revenue on the way up.
时隔 12 天，pump. fun 再次卖出手续费收入：过去 9 小时里将 15.4 万枚 SOL ($24.39M) 手续费收入转进 Kraken。
pump. fun 每在积累一至两周的手续费收入后就会将这些 SOL 转进 Kraken，一年多来他们总共出售的 SOL 数量约 417.9 万枚，价值 $7.51 亿，均价 $179.89。… https://t.co/p6ttlt2u0z pic.twitter.com/X378kKtSjE
— 余烬 (@EmberCN) June 11, 2025
Micro-transactions that occur when users launch or trade meme tokens are the main source of fees. During the past few months, as people have gotten hyped on meme coins on the Solana network, Pump.fun has been one of the main places where you can get low-cost, quick meme-token launch services. Like, okay, in some way these were probably just speculative plays. Still, that kind of traffic and those kinds of visitors make for a potentially significant revenue stream.
Nevertheless, these consistent SOL sales to Kraken also imply a certain degree of centralization in the platform’s revenue model, which is extracting profits and systematically off-ramping them. Although this is probably a sensible business move, it is also putting supply-side pressure on SOL that a few people in the market are closely watching.
Falling Volume May Signal Market Saturation—or a Cooldown
The latest SOL transfers come as Pump.fun has shown a marked decline in its trading volume. At its peak, right earlier this month, the platform was handling around $700 million in daily volume, largely driven by meme coin launches that went viral. But that figure dropped sharply right after. Its current volume seems to be settling in between $300 million and $350 million.
These overlapping factors could be responsible for the drop: diminished retail ardor, a dearth of eye-catching token introductions, or just market mechanics shuffling capital from the heavily hyped meme space into quieter corners. Some users might also be sitting on the sidelines, biding their time until the next fresh narrative that will get them amped up again, be it new market incentives like airdrops or upgrades to the Pump.fun platform itself.
Market observers observe that meme coins follow a highly cyclical behavior—rising during short bursts of euphoria and falling just as fast when sentiment cools. Thus, the dip in volume may be temporary. But if the platform does not reignite excitement, it risks slipping from its peak prominence in the Solana ecosystem.
A Critical Juncture for Pump.fun and Meme Coins on Solana
SOL sales by Pump.fun have been regular, but alongside them, we’re seeing the current decline in volume. This puts the platform almost at a kind of crossroads. On the one hand, it’s a huge platform that has really made itself a big player in Solana’s space. You look at its sales—I think there was something like $5 million or close to it in sales over this last week alone—and it’s just a force at this point.
But alongside that force, you’ve got the wave of volume that’s declining right now. So this is an attempt to redirect Speculative FOMO back toward an upward price trajectory, I think.
It is uncertain whether what we are witnessing now is a short-term breather or the onset of a much more extended slowdown. What is clear, however, is that the outfit behind Pump.fun has somehow managed to monetize the meme coin movement to an extraordinary degree, building what appears to be a nine-figure revenue stream by capturing value from speculative trading activity.
As market conditions evolve, people will continue to watch Pump.fun—not just for its transactional behavior but for what it does next and whether it can adapt and innovate past the present moment of launching meme coins. For now, the platform’s movement of SOL to Kraken on a consistent basis shows just how profitable the meme coin space has been, even if the initial excitement about meme coins is starting to die down.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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