A Solana-based memecoin launchpad called Pump.fun has moved a whopping $407 million worth of Solana (SOL) to the Kraken cryptocurrency exchange over the past year, according to blockchain tracker Lookonchain.
Millions in Solana, Millions in Controversy
Lookonchain also revealed that Pump.fun, which launched in January 2024, sold off some of its SOL, netting $41.64 million in USDC stablecoins. In total, the platform has reportedly accumulated 2.57 million SOL, worth a staggering $588.6 million. Pump.fun’s business model is to simplify the process of launching new coins, eliminating the need for initial liquidity seeding.
However, the platform hasn’t been without its problems. It’s facing a lawsuit from Burwick Law, representing investors who lost money on memecoins launched through the platform. The law firm alleges that Pump.fun collected hundreds of millions of dollars in fees while ignoring unacceptable content on its platform, including “illicit drug use, self-harm, racism, antisemitism, lewd acts, bestiality, violent and other antisocial acts.” The anonymity of Pump.fun’s creator is also a major point of contention.
Record-Breaking Fees
Despite the controversy, Pump.fun continues to generate substantial fees, hitting a record high of $15.38 million on January 25th, according to DeFiLlama.
Disclaimer: This information is for general knowledge only and does not constitute financial advice. Investing in cryptocurrencies is risky, and you could lose money. Always do your own research before investing.
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