Pump.fun sent 86,254 SOL ($16.22M) to Kraken, skipping $PUMP buyback.
Total 3.93M SOL ($715.5M) deposited so far at avg price $182.
Recently sold 264K SOL for $41.64M USDC at $158.
Pump.fun has once again raised eyebrows in the crypto space by transferring another 86,254 SOL (worth approximately $16.22 million) to the Kraken exchange instead of using those funds to buy back $PUMP tokens, as some community members had hoped.
This latest transfer brings the total SOL sent to Kraken to 3.93 million SOL, valued at around $715.5 million, with the average deposit price sitting at $182 per SOL.
A Pattern of Sales, Not Support?
Adding fuel to the controversy, Pump.fun recently sold 264,373 SOL for $41.64 million in USDC, at an average price of $158 per SOL. This sell-off has led to speculation that the platform is focusing more on liquidating assets than supporting its native token, $PUMP.
The community’s frustration stems from the expectation that these SOL holdings—or at least a portion—would be used to drive up demand and support for $PUMP. Instead, the repeated Kraken deposits and large USDC conversions suggest a different agenda, possibly profit-taking or treasury diversification.
Pumpfun(@pumpdotfun) deposited another 86,254 $SOL($16.22M) into #Kraken 6 hours ago instead of buying back $PUMP.
They have deposited a total of 3.93M $SOL($715.5M) to #Kraken at $182 and sold 264,373 $SOL for 41.64M $USDC at $158.https://t.co/2to6SezvXq pic.twitter.com/g3fb09a6Q0
— Lookonchain (@lookonchain) August 13, 2025
Community Questions Grow Louder
With $PUMP holders anticipating buybacks to help maintain or boost the token’s price, these large-scale transfers to Kraken create concern. Many are now questioning whether Pump.fun has long-term plans for $PUMP, or if it’s simply managing its SOL reserves for other strategic or operational purposes.
The absence of any transparent roadmap for $PUMP buybacks, despite large-scale liquidity movements, has left room for skepticism. Whether this trend continues or shifts will be closely watched by the crypto community.
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