In a major move, pump.fun transferred 292,438 SOL, valued at $55.58 million, to Kraken just seven hours ago. This amount represents transaction fee income accumulated over the past 23 days.

Following a similar transfer on December 10, the address had minimal SOL remaining, making this recent transfer noteworthy.

Impressive Fee Income Accumulation

Pump.fun has generated a staggering total of approximately 1.949 million SOL in transaction fees to date. Out of this, 1.839 million SOL, worth $356.34 million, has already been transferred or sold at an average price of around $194 per SOL. This reflects the scale and consistency of their transaction activity, showcasing the profitability of their operations.

What’s Next for Solana ($SOL)?

According to crypto analyst Ali Martinez, Solana’s price is poised for a significant 15% movement. The analyst advises traders to keep an eye on the $199 to $188 range, suggesting a breakout could dictate the next direction for the token.

This substantial transfer of SOL and the market’s anticipation of a breakout could signal increased volatility ahead. As pump.fun continues to dominate fee collections and trading, the market will closely watch their next move, which may further influence SOL’s trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: alexandarilich/123RF // Image Effects by Colorcinch