Solana Consolidates Above $200 as Pump.fun Transfers $55 Million to Kraken

The Solana (SOL) price increased by nearly 10% in the last seven days, surpassing US$200 (AU$321) after a US$55M (AU$88M) transfer from Pump.fun’s fee account to Kraken. 

The price surge coincided with two substantial transfers from Pump.fun’s fee account, in which it first deposited US$22.8M (AU$36M) worth of SOL, followed by a second transfer of US$32.7M (AU$52M) just one hour later, according to Solscan data.

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This is not the first time that Pump.fun puts pressure on the SOL price. The platform deposited over US$303M (AU$487.6M) worth of SOL to Kraken in 2024 and sold more than US$41M (AU$65.9M) worth of the asset to date, as reported by Lookonchain.

Solana’s recent price surge highlights the impact of large transactions and trading activity on its market performance, with the latest transfers serving as a potential catalyst for the increase.

Data from CoinMarketCap shows SOL is currently priced at US$207.35 (AU$332), a 12.6% decrease in the last 30 months but a 9.5% increase in the weekly chart.

Solana, Bitcoin Rebound

Besides Solana, Bitcoin is also surging today alongside several memecoins.

Bitcoin broke above US$97,000 (AU$156,122) for the first time in over a week, up 3.5% on the day. The market leader had set an all-time high above US$108,000 (AU$173,824) in December but dipped below AU$92,000 (AU$148,073) on December 30 before its recent rebound, which likely fueled broader market gains.

Dogecoin also climbed 7%, reaching US$0.34 (AU$0.54), a weekly high. The leading meme coin had previously hit a three-year high in December but dropped below US$0.27 (AU$0.43) during a broader market selloff on December 20.

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Among memecoins, Fartcoin (FARTCOIN) saw the most significant gains, spiking 47% to US$1.40 (AU$2.25) and briefly reaching a new all-time high of US$1.45 (AU$2.33) earlier in the day.