Pump.fun Dumps $741M in SOL — Massive Sell-Off Hits Kraken

3 mins mins

Key Points:

Pump.fun offloaded 4.1M SOL worth $741M, triggering concern amid Solana’s falling price trend.
Pump.fun and founder’s X accounts suspended, sparking speculation about possible legal or regulatory issues.
Solana ETF filing by CoinShares signals institutional demand despite recent memecoin platform sell-offs.

Frame 21 1 — Pump.fun Dumps $741M in SOL — Massive Sell-Off Hits Kraken

Pump.fun, a popular Solana-based memecoin launchpad, has sold approximately 4.1 million SOL since May 19, 2024, according to data from Lookonchain. The total value of the transactions is estimated at $741 million, with an average selling price of around $180 per token.

The largest transaction involved a transfer of 3.84 million SOL, worth $699 million, to Kraken. Another sale included 264,373 SOL for $41.64 million USDC at a price of $158 per token. These movements coincide with a steady decline in Solana’s price, which fell to $150.38 at the time of reporting. The price has dropped 3.80% in the last 24 hours and 4.81% over the past week.

Pumpfun(@pumpdotfun), recently suspended by X, has sold a total of ~4.1M $SOL($741M) at an average price of ~$180 since May 19, 2024.

264,373 $SOL was sold for 41.64M $USDC at $158.

3.84M $SOL($699M) was deposited to #Kraken at $182. pic.twitter.com/LB80CZgnUB
— Lookonchain (@lookonchain) June 17, 2025

Pump.fun and Founder Accounts Suspended by X

Shortly before the sell-off activity became public, the official X accounts for both Pump.fun and its founder Alon Cohen were suspended. The accounts “pumpdotfun” and “a1lon9” are currently inactive on the platform. X has not released an official explanation, leaving room for speculation within the crypto community.

The suspensions have raised questions online about possible regulatory involvement or violations of platform policies. Some users have expressed concern that the activity may relate to ongoing investigations or potential legal concerns.

Memecoin Crackdown and Past Legal Challenges

Pump.fun gained attention for its role in driving the Solana memecoin wave, but it has also faced criticism for enabling pump-and-dump schemes and quick-turnaround token launches. In January, the platform became the subject of a proposed class-action lawsuit. The suit alleged that Pump.fun sold unregistered securities and collected nearly $500 million in fees.

Earlier this month, reports surfaced that Pump.fun was planning to raise $1 billion through a token sale at a $4 billion valuation. The announcement lacked full details, adding to public scrutiny. X has also taken action against other memecoin-related accounts, including GMGN, Bloom Trading, and BullX, pointing to a broader enforcement effort.

Meanwhile, Solana continues to see institutional interest despite the recent sell-off. As CoinCu reported, CoinShares has submitted a Form S-1 filing with the U.S. Securities and Exchange Commission to launch a spot Solana ETF. Bloomberg analyst Eric Balchunas noted the development as part of a growing trend among asset managers.

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