Pump.Fun, a Solana-based Meme Coin Launchpad, has deposited 65,122 SOLs ($11 million).
According to XPost on February 20 by on-chain analytics firm LookonChain, the platform has now moved 2.35 million Solana ($473 million) to Kraken, selling 264,373 SOL at 41.64,373 USDC. However, the total revenue is $2.93 million. Sol ($515 million).
According to Dune Dashboard, Pumpun's daily trading volume fell 52% from its monthly high of $243 million on February 11.
The drop follows the Libra token controversy involving Argentine President Javier Mairi. Milei's support for Solana-based tokens quickly sparked a frenzy just because the tokens plummeted.
The incident has raised concerns about market manipulation, the benefits of insiders, and how platforms like Pump.fun contribute to excessive speculation. Critics argue that the platform has become a high-stakes gambling casino where bots and insiders dominate and regular traders are left to absorb risk.
Some people have compared its impact to FTX, claiming that at the expense of market integrity, spectacle prioritizing sustainability and profit. According to data from Dune Analytics, Pump.Fun continues to generate significant fees despite the slowdown, bringing in $17 million over the past seven days.
On February 15th, Pump.Fun launched the iOS and Android apps to boost momentum. The app facilitates user interaction with the Solana Memecoin ecosystem by providing features such as watchlists, portfolio management, and fast token creation.
Over the next few months, the platform's ability to handle rising regulations will determine its future and the trends for larger memocoins that will continue to dominate the market.
