Pump.fun is selling into the crash again and onchain trackers reported earlier today that the memecoin platform deposited 64,666 SOL, worth about $5.19 million, into Kraken roughly seven hours earlier.

The deposit is nothing new and has been witnessed time and again in the past. This is because Pump.fun earns fees in SOL every time users launch and trade memecoins on its platform. These funds get regularly converted into revenue by sending them to exchanges. According to Arkham’s Pump.fun entity page, the platform has now sold 5,618,499 SOL for about $887.6 million at an average price of $158.

Onchain analyst EmberCN described the accrued SOL as fee revenue and estimated that Pump.fun had sold about 5.69 million SOL, worth roughly $898 million, since early 2024.

The timing of those past sales looks good in hindsight as SOL traded near $75.76 early Saturday after a low of about $74.85. That’s down about 16% over seven days, 26% over 30 days and 74% from its all-time high of $293.31 in January 2025.

At today’s price, the 5.62 million SOL Pump.fun has sold would be worth about $426 million. By selling at an average of $158, the platform locked in more than twice that. In addition to this, Solana has had a busy few weeks, with Bitcoin.com News reporting that DTCC plans to bring tokenized securities to Solana.

At the same time, China’s central bank opened a probe into Solana over illegal crypto services. Neither of these developments have been able to stop SOL’s ongoing slide.

Pump.fun’s own token is under pressure too, and EmberCN reported that three wallets belonging to Pump.fun’s team or early investors moved 1.458 billion newly unlocked PUMP, worth about $5.01 million, to Coinbase Prime, Coinbase’s institutional trading platform.

Those three wallets hold a combined allocation of 70 billion PUMP that began unlocking in July and the same wallets moved the same monthly amount, 1.458 billion PUMP, to Coinbase Prime on Oct. 13, when it was worth about $7.58 million.

The drop in value from one month to the next shows how far the token has fallen. PUMP is currently trading near $0.0034, down about 61% from its September 2025 peak.

Lastly, it bears mentioning that exchange and prime-broker deposits are usually read as preparation to sell, and back-to-back monthly transfers of unlocked supply add to the overhang on PUMP.

The deposits come at a time when the crypto market as a whole is going through one of its roughest stretches, with over $330 million in liquidations taking place in less than two hours. Consequently, bitcoin fell under $67,000 while SOL lost $75. Memecoin activity, the engine behind Pump.fun’s fees, has cooled as well, along with the broader market.

What comes next depends on whether buyers absorb the supply. Pump.fun has sold SOL through rallies and sell-offs alike, so traders shouldn’t expect it to stop. The question for SOL holders is whether the $75 area holds as support, or whether steady selling from the network’s biggest app keeps pushing it lower.

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