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SOL 
PUMP Pump.fun has recently become the focus of the market again due to a new round of SOL transfers. The platform regularly sends SOLs to the Kraken Exchange, a trend that, combined with the slowdown in the memecoin market and the decline in Solana Network revenue, has attracted investors 'attention. These changes not only affect the Solana ecosystem, but may also send important signals to the entire cryptocurrency market.
Why does Pump.fun continue to sell SOL?
Data fromOn-chain analysis platform EmberCN shows that Pump.fun transferred approximately 81,712 SOL items to the Kraken Exchange on July 18, 2026. The transaction is worth approximately US$6.15 million. It is not unusual at first glance, but the platform's long-term behavior of similar transfers is worthy of attention.
It is estimated that from January 2024 to July 2026, Pump.fun has sold approximately 4.81 million SOL units. The average price for these deals was about $168.70, with a total value of nearly $812 million. The platform continues to fund its own operations by regularly realising part of its revenue.
How does the Memecoin market downturn affect Solana?
At the peak of the memecoin craze, Pump.fun became one of the most frequently used applications on the Solana network. Users conduct a large number of transactions by creating token projects, while the platform generates billions of dollars in revenue with a 1% transaction fee model.
According to CoinMarketCap, the platform has generated more than US$1 billion in revenue so far, of which alone contributed approximately US$664 million in 2025. In the first quarter of 2026, revenue fell to US$124.7 million. Despite this, a significant slowdown in memecoin trading has led to a significant decline in its growth rate.
According to data released by The Block, activity on Pump.fun has dropped by about 80% in the past three months. Average daily revenue dropped to approximately $800,000 from $4.8 million six months ago, while only 0.26% of newly created tokens reached market value that could be listed on other exchanges.
Why are different data contradictory?
Data on Pump.fun may seem contradictory at first glance. This is mainly due to the differences in measurement indicators between different platforms.
EmberCN only counted the estimated number of SOLs sent to Kraken and sold. DefiLlama tracks total fee revenue and total benefits from the agreement. Therefore, EmberCN's sales data of approximately US$812 million is not the same concept as DefiLlama's fee statistics of nearly US$1.86 billion.
Are Solana's risks increasing?
The slowdown in Pump.fun not only affects the platform itself, but also has an impact on the overall economic structure of Solana Network. As memecoin transactions decrease, some users are turning to perpetual contract trading platforms such as Hyperliquid. This change led to a decline in transaction volume and fee income on the Internet.
On the other hand, PUMP tokens performed weakly. Over the past six months, the asset has fallen about 40%, its price has dropped to about $0.0016, and its market value has been about $655 million. However, the project raised $600 million in just 12 minutes during the ICO.
Experts will pay close attention to whether Pump.fun will continue to sell SOL at the same rate in the future. At the same time, DefiLlama's revenue data and Solana's network's transaction fees will be key indicators to determine whether user activity has resumed.
