💸 Pump.fun just transferred another $14 million worth of SOL to Kraken. Should we criticize the platform for selling its coins?
On-chain data is making the rounds again.
According to Lookonchain, about 8 hours ago Pump.fun deposited 129,798 SOL into Kraken, worth around $14.07 million. On-chain data shows it has sold a cumulative total of about 5.47 million SOL at an average price of roughly $159.80, while SOL is trading around $105–$106 today.
Another data point: an X user citing DefiLlama said Pump.fun earned about $1.39 million in revenue yesterday. This deposit is roughly equivalent to 10 days of revenue.
🔹 Where does the money come from? Most of the fees users pay to launch and trade tokens are in SOL.
🔹 Where does it go? It’s regularly sent to exchanges, most likely to be converted into stablecoins or fiat.
🔹 The controversy: Critics call this a “value-extraction” model, where a few people profit while most traders lose.
My take: A company converting its revenue into dollars isn’t inherently malicious. Any company needs to pay salaries and keep cash on hand. What’s really worth paying attention to is two things. First, this kind of revenue-driven selling pressure is ongoing: as long as there’s activity on-chain, a steady stream of SOL will flow to exchanges. Second, selling at an average of $159.80 when the price is now around $105 suggests it sold earlier and more consistently than most people who bought in at the top. Anyone buying newly launched tokens should think carefully about whether they’re the ones paying the fees in this setup.
Do you think platforms regularly selling their revenue tokens is just normal business, or is it bad for the ecosystem?
#Pumpfun #SOL #Solana #On-chainData
On-chain data is making the rounds again.
According to Lookonchain, about 8 hours ago Pump.fun deposited 129,798 SOL into Kraken, worth around $14.07 million. On-chain data shows it has sold a cumulative total of about 5.47 million SOL at an average price of roughly $159.80, while SOL is trading around $105–$106 today.
Another data point: an X user citing DefiLlama said Pump.fun earned about $1.39 million in revenue yesterday. This deposit is roughly equivalent to 10 days of revenue.
🔹 Where does the money come from? Most of the fees users pay to launch and trade tokens are in SOL.
🔹 Where does it go? It’s regularly sent to exchanges, most likely to be converted into stablecoins or fiat.
🔹 The controversy: Critics call this a “value-extraction” model, where a few people profit while most traders lose.
My take: A company converting its revenue into dollars isn’t inherently malicious. Any company needs to pay salaries and keep cash on hand. What’s really worth paying attention to is two things. First, this kind of revenue-driven selling pressure is ongoing: as long as there’s activity on-chain, a steady stream of SOL will flow to exchanges. Second, selling at an average of $159.80 when the price is now around $105 suggests it sold earlier and more consistently than most people who bought in at the top. Anyone buying newly launched tokens should think carefully about whether they’re the ones paying the fees in this setup.
Do you think platforms regularly selling their revenue tokens is just normal business, or is it bad for the ecosystem?
#Pumpfun #SOL #Solana #On-chainData