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132K SOL Dumped: Pump.fun Moves Massive Funds to Kraken in Surprise Selloff
A massive 132,000 SOL transaction worth $22.88 million just moved from meme coin platform Pump.fun to Kraken exchange. The single batch transfer has crypto watchers raising eyebrows, wondering if this signals another institutional exit from Solana’s ecosystem.
The timing couldn’t be more interesting. Just as Solana announced USDCV trading would launch in early July 2025, one of its biggest meme coin platforms decided to offload a small fortune. Pump.fun, known for launching countless meme tokens on Solana, executed what appears to be a prepared move rather than a panic sell.
Solana announces USDCV trading while its biggest meme coin platform dumps $22.88 million worth of SOL
This dump lands at a particularly sensitive moment for SOL holders. The token recently broke below its critical $172 support level, a price point that previously acted as a safety net during market turbulence. Previous institutional selloffs already pushed SOL under this threshold, and now Pump.fun’s 132,000 SOL adds extra weight to the selling pressure. The negative funding rate of -0.0027% reflects growing bearish sentiment among traders as selling pressure continues to dominate the market. The midnight GMT trading hour saw volume spike to 1.26M units, highlighting the intensity of recent institutional selling activity.
Market participants are split on what this means. Some see it as standard liquidity management – platforms need cash for operations, after all. Others worry it reflects waning confidence in Solana‘s meme coin sector, though Pump.fun continues launching new tokens daily without missing a beat. The platform’s move exemplifies the extreme volatility that characterizes meme coin markets, where large transactions can trigger cascading price movements.
The broader context makes this move more intriguing. Recent weeks have seen multiple “midnight dumps” from institutional players, creating a pattern that retail investors are starting to notice. Yet despite the selling pressure, Solana’s ecosystem keeps growing. R3’s strategic partnership announcement shows institutional interest remains, even as some players cash out.
For now, the transaction appears legitimate with no signs of foul play. Kraken, known for its robust security measures, processed the transfer without issue. The crypto community will watch closely for any follow-up moves or announcements from Pump.fun about their future plans.
Whether this represents strategic repositioning or a loss of faith remains unclear. What’s certain is that 132,000 SOL hitting the market won’t go unnoticed. Traders should probably dyor before making any hasty decisions based on this single event.
