Solana-based meme coin launchpad Pump.fun has transferred 65,122 SOL ($11 million) to Kraken, adding to its ongoing exchange activity as trading volume plummets following the LIBRA token controversy.

Massive SOL Transfers and Revenue Insights

According to on-chain analytics firm Lookonchain, Pump.fun has now:

• Transferred 2.35 million SOL ($473 million) to Kraken
• Sold 264,373 SOL for $41.64 million USDC

• Generated total earnings of 2.93 million SOL ($515 million)

Despite its massive financial operations, Pump.fun has seen a 52% decline in daily trading volume from its peak of $243 million on February 11, averaging $122 million on February 19.

LIBRA Token Scandal and Market Manipulation Concerns

The LIBRA token controversy played a major role in Pump.fun’s trading slowdown. The scandal started when Argentine President Javier Milei endorsed the Solana-based token, triggering a speculative surge—only for the token’s value to collapse shortly after.

Critics argue that platforms like Pump.fun:

• Enable market manipulation and insider trading

• Act as high-stakes gambling platforms dominated by bots
• Prioritize spectacle over sustainability, drawing comparisons to FTX

Pump.fun’s Resilience and Future Outlook

Despite the LIBRA debacle, Pump.fun remains profitable, generating $17 million in fees over the past seven days, according to Dune Analytics.

To counteract the drop in trading activity, Pump.fun launched its iOS and Android apps on February 15, offering:

• Watchlists for tracking memecoins
• Portfolio management tools
• Rapid token creation features

Regulatory Scrutiny and the Future of Memecoins

As regulatory pressure on memecoins and speculative trading increases, Pump.fun’s ability to navigate compliance challenges will be key to its long-term success.