LIBRA scandal Ceases Trade, But Pump.fun moves $11M in SOL to Kraken Suddenly

The Solana network came into the news again. This time, it is the Pump.fun launchpad. On 20th Feb, Pump.fun deposited 65,122 SOL worth $11 million. It is one of the major exchange activities of recent times.  

An X-post by Lookonchain from Feb 20 suggests that 2.35 million SOL tokens have been exchanged across the platform to Kraken. Meanwhile, traders sold 264,373 SOL on this platform against $41.64 million USDC. So, the accumulated earnings on the platform are 2.93 million SOL now!  

Takeaway from Feb 11, Events  

The trading volume of the platform Pump.fun fell to 52%. Previously, the monthly upper volume had been $243 million on the same day. But things changed after the hit.  

The next recording came in on 19th Feb. The volume came down to 122 million. This drop is, however, not organic. The scandal of the Argentine president is mostly behind it. President Milei endorsed Solana beyond the limit, which gave the coin a temporary pump. However, the price came down at an even greater pace.  

Worries of Marker Manipulation  

After the scandal, the whole market is scared of more manipulation cases to come. Insider advantages can seriously ruin the benefits that small retail traders can reap from the market. The CoinBase CEO said that the platform has become similar to a high-stakes casino now.  

Allegations against FTX  

A legion of traders alleges that FTX focuses on spectacle instead of sustainability for success. But the fact is that these allegations are not slowing down the occurrences. For instance, Pump.fun’s profits have not fallen. They are making $17 million/week. But this is not a stable position. In the future, Pump.fun will have to improve regulatory adherence!