Pump.fun’s solana Activity Surges Despite market Controversies
Pump.fun, a Solana-based meme coin launchpad, has deposited 65,122 SOL, valued at $11 million. This move adds to its meaningful exchange activity. According to Lookonchain, an on-chain analytics firm, the platform has transferred 2.35 million SOL ($473 million) to Kraken. It also sold 264,373 SOL for $41.64 million in USDC. The platform’s total earnings now stand at 2.93 million SOL ($515 million).
however, Pump.fun’s daily trading volume has dropped by 52% from its monthly high of $243 million on February 11. It now averages $122 million, as per a Dune dashboard. This decline follows the LIBRA token controversy involving Argentine President Javier Milei. his endorsement of the Solana-based token caused a frenzy, but the token’s value plummeted shortly after.
The incident has raised concerns about market manipulation and insider advantages. Critics argue that Pump.fun has become a high-stakes gambling platform where bots and insiders dominate, leaving ordinary traders at risk. Some compare its impact to FTX, claiming it prioritizes spectacle over sustainability.
Despite the slowdown, Pump.fun continues to generate substantial fees, bringing in $17 million in the last seven days, according to Dune analytics. On February 15, the platform launched iOS and Android apps to boost momentum. These apps provide features like watchlists, portfolio management, and fast token creation.
In the coming months, Pump.fun’s ability to handle regulatory scrutiny will determine its future. The platform’s role in the larger memecoin trend will also be closely watched.
