Pump.fun moves $11M in SOL to Kraken amid Libra scandal
Pump.fun, the same -same corner launchpad based in Solana, deposited 65,122 soil ($ 11 million) adding to its substantial exchange activity.
According to a post of February 20 X of the Lookonchain chain analysis company, the platform has now transferred 2.35 million Solana (GROUND) (473 million dollars) in Kraken and sold 264,373 soil for $ 41.64 million USDC, while its total profit amounts to 2.93 million soil ($ 515 million).
Pump.fun’s daily trading volume fell 52% compared to its monthly summit of $ 243 million on February 11, with an average of 122 million on February 19, according to to a dashboard of a dune.
This drop follows the controversy of the balance token involving the Argentinian president Javier Milei. The Milei approval of the Solana -based token launched a frenzy, only for the token Plum Shortly after.
THE incident Increased concerns about market manipulation, the advantages of initiates and the way in which platforms like Pump. Fun contribute to excessive speculation. Critics argue that the platform has become a high challenge game casino where bots and initiates governed and ordinary traders are left to absorb the risk.
Some have compared its impact to the FTX, claiming that it favors the spectacle on sustainability and profits to the detriment of market integrity. Despite the slowdown, Pump.fun continues to generate substantial costs, collecting $ 17 million in the last 7 days, according to data Dune Analytics.
February 15, pump.fun spear Its iOS and Android applications to try to stimulate the momentum. The application facilitates user interaction with the Solana Memecoin ecosystem by providing features such as surveillance lists, portfolio management and the creation of fast tokens.
In the coming months, the capacity of the platform to manage an increasing regulatory examination will determine its future, as well as the wider tendency of the same which continues to dominate the market.
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