- Pump. fun transferred 132,180 SOL (~$20.87M) to Kraken, continuing its biweekly selloff trend and surpassing $303M in 2024 withdrawals.
- Despite earning over $400M in SOL, less than $1M has been redistributed to the community, raising concerns about sustainability and ecosystem support.
- Only 0.81% of tokens graduate to DEXs, signaling declining success rates amid speculation over a potential Pump.fun token launch.
Pump.fun has once again offloaded a significant tranche of SOL, this time transferring 132,180 SOL, valued at approximately $20.87 million to centralized exchange Kraken. The move follows its late-May sale of 156,000 SOL and reinforces a clear pattern: the platform is cashing out nearly every two weeks while retaining its position as Solanas top fee-generating dApp.
On-chain data shows that Pump.fun has gained access to over 2.47 million SOL but has consistently avoided staking, DeFi applications, or other forms of passive yield. Instead, the platform continues to opt for direct conversions of its holdings through centralized venues like Kraken. These latest transfers have pushed Pump.funs total realized value beyond the entirety of its 2024 withdrawals, which were estimated at $303 million.
Onchain Lens (@OnchainLens) June 10, 2025The platforms strategy has sparked a growing paradox within the Solana ecosystem. While Pump.fun has extracted over $400 million in SOL to date, it is simultaneously positioning itself for a potential $1 billion raise in the event of an eventual token launch. The lions share of these funds has not been recycled into the ecosystem, with only around $700,000 distributed back to liquidity providers and selected token creators in the past few months.
Despite this minimal redistribution, Pump.fun continues to dominate user activity. Its wallets currently retain over $191 million in SOL, split across various addresses, one holding just over $100 million and another containing $68 million. The platform remains a leading driver of Solana network activity, paying out substantial fees to infrastructure services such as the Jupiter aggregator and router.
Still, the data paints a sobering picture for most users. Fewer than 2% of Pump. fun traders earn more than $1,000 in profits, with the majority serving as exit liquidity for larger players. While the platform was initially celebrated for birthing cultural meme tokens that challenged VC-backed projects, the golden era appears to be waning.
As of June 2025, cult tokens created through Pump. fun holds a combined market value of roughly $4.27 billion, with FARTCOIN leading the pack. However, the frequency of new viral tokens has dropped, and recent projects like HOUSE, though popular, have not triggered a new wave of meme coin mania.
The graduation rate for new tokens, those that transition to decentralized exchange trading, is near all-time lows, sitting at just 0.81%. Only one Pump.fun token currently boasts a market cap of over $1 billion, and just six exceed $100 million, a sharp decline from 2024 when even unproven assets could easily reach $500 million.
Despite launching around 30,000 tokens daily, Pump.fun is seeing fewer organic social media trends. Instead, there is an uptick in bot activity and rapid cycling between short-lived meme themes. Community concern is growing that a native Pump.fun token should it launch may sap liquidity from the existing meme economy.
As Pump.fun continues to offload millions in SOL while offering little in return to the average participant, it remains unclear whether the platform is evolving toward a sustainable business model or simply maximizing short-term gains. With speculation around a token airdrop still fueling user engagement, the next phase of Pump.fun could define the trajectory of Solanas meme token landscape for the rest of the year.
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