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Pump Fun Moves 120,000 SOL To Kraken, Selloff Incoming?
Intel from blockchain analytics platform Arkham Intelligence shows that Solana-based memecoin launchpad Pump Fun recently moved a massive amount of SOL to the Kraken cryptocurrency exchange. The sudden transfer, which is the first in 2025, has raised questions about whether a potential selloff is incoming.
Pump Fun Makes First Transfer in 2025
According to the Arkham insight, the launchpad transferred 120,000 SOL, worth about $22.88 million, to Kraken. Noteworthy, SOL is currently trading at $190.08, corresponding with a 2.94% drop in the past 24 hours. Due to the current price drop, the transferred funds is equivalent to approximately $22.7 million.
Following the latest move, the Pump Fun fee account currently holds 172,000 SOL and 101,000 JITSOL. These assets are valued at approximately $55.19 million.
Despite the strong claims around selloffs, the reason for the transfer remains unknown. The funds come from the Pump Fun generated fee revenue from its platform since its inception. While Pump Fun has continued to deny selloff claims, the recent transfer bears resemblance to an earlier one made in November 2024.
At the time, Pump Fun sold 36,400 SOL worth approximately $6.77 million. The memecoin launchpad moved these funds to Kraken to complement an earlier deposit of 90,000 SOL, valued at about $14.97 million. At the time, market watchers believed that Pump Fun chose to Kraken as the liquidating exchange because of its high liquidity.
The Solana Launchpad’s Rise and Growing Fall
Amidst all these transfer, the memecoin launchpad has faced several challenges in recent times.
As it recorded explosive growth, so did it come under intense scrutiny following its launch in the beginning of last year. In the first week of December 2024, the platform faced a ban in the UK following a warning from the country’s financial regulator.
It started with UK’s Financial Conduct Authority (FCA) issuing a warning stating that the platform “may be providing or promoting financial services or products without our permission.” To ensure users’ safety, the regulator advised the public to avoid dealing with the platform and warned of the potential risks of losing funds.
In response, Pump Fun updated its website and terms of service to block UK users. In addition to this, the protocol has had to suspend its livestreaming service owing to user abuses and compliants.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The Ripple vs SEC lawsuit is in focus again as deliberations began on filing an opening brief before the January 15 deadline. Latest developments indicate that outgoing SEC Chair Gary Gensler is preparing for last-minute filing related to appeals before pro-crypto Paul Atkins takes over.
Some believe Gensler with SEC’s chief litigation counsel Jorge Tenreiro may create headwinds for Ripple, similar to former SEC Chairman Jay Clayton.
Last Minute Appeal in Ripple Vs SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) under Gary Gensler is likely deliberating to file its principal brief in the Ripple lawsuit. The 2nd Circuit Court of Appeals earlier extended the deadline to January 15 after a request by the securities agency.
Former SEC lawyers Marc Fagel and James Farrell cleared that the agency will continue its fight after an appeals-related opening brief in January. While the shift in the agency’s leadership may impact progress, but a decision to dismiss or withdraw the appeals in the lawsuit to affect the SEC more.
Besides, SEC’s chief litigation counsel Jorge Tenreiro, who has been deeply involved in Ripple lawsuit, to continue handling the case. It indicates that the legal battle may not shift drastically with a new SEC chair.
The regulator is set to present its arguments on secondary sales as Judge Analisa Torres’s ruling in Ripple Vs SEC lawsuit set didn’t exactly cleared the industry whether XRP is a security or commodity. This has further implications for Ripple and the crypto industry.
Notably, XRP was earlier referred to as “currency” by the U.S. DOJ and Treasury Dept’s FinCEN. And now, the SEC appealed the summary judgment on Ripple’s XRP sales through crypto exchanges, distribution to employees and others by the firm, and XRP sales by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
Pro-XRP Lawyers Expect End of Lawsuit Under Paul Atkins
Gensler to depart on Donald Trump’s inauguration day on January 20, setting the stage for Paul Atkins to take over SEC Chairman responsibilities. Pro-XRP lawyers Jeremy Hogan, Fred Rispoli, and Bill Morgan indicate high odds of resolution of the Ripple vs SEC lawsuit under pro-crypto Atkins.
Moreover, lawyers claimed Paul Atkins to work on providing clarity on crypto regulations, which remained unclear under Gensler. This could potentially lead to the end of Ripple lawsuit not otherwise. Ripple CLO Stuart Alderoty urged to “cleanse the lingering stain of Hinman from the agency” and restore trust in the agency.
Odds of XRP ETF and Price Rally Ahead
Ripple executives have earlier said that SEC continued its “failed arguments” in crypto cases as Gensler reaffirmed that crypto has no intrinsic value. Moreover, XRP ETF launch is more likely under Paul Atkins as the Trump administration is set to push for crypto regulations.
Attorney Jeremy Hogan predicts April or May as a likely timeline for the Ripple vs SEC lawsuit’s end. Moreover, he expects dismissal early, but “I’d say it’s possible but maybe unlikely.”
Analysts have been overall bullish on XRP price rally amid several developments including RLUSD launch. As per popular analyst Ali Martinez, XRP price is currently consolidating within massive massive bull pennant pattern. A pullback to $2.05 is possible unless the $2.73 resistance is broken. This could lead to a massive rally to $11.
XRP price is currently trading at $2.44, up 1% in the last 24 hours. However, trading volume remains low. Coinglass data indicates futures open interests climbed 7% over the last 24 hours.
Varinder Singh
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cryptocurrency prices today show strong bullish momentum, with Bitcoin rallying to $98K from $92K in a single surge as it marks its 16th anniversary. Internet Computer (ICP) and EOS emerged as top gainers, each recording a 15% price jump over the last 24 hours. Additionally, meme coins like Dogecoin (DOGE) and Bonk (BONK) also skyrocketed by 15%, contributing to the positive market sentiment.
The global cryptocurrency market cap increased by 2.31%, reaching $3.49 trillion, while trading volume grew by 2%, hitting $123 billion. The Fear and Greed Index climbed to 60, up from last week’s 50, indicating rising market optimism among investors. Crypto prices today reflect a positive outlook, with most of the top 20 altcoins trading in the green over the past 24 hours.
Cryptocurrency Prices Today: BTC, ETH, XRP, and SOL Maintain Positive Momentum
Bitcoin (BTC) price rallied to $98K, showing strong bullish momentum. Ethereum (ETH), XRP, and Solana (SOL) also gained, with most major cryptos trading in the green. The cryptocurrency prices today reflect a stable upward trend across key digital assets.
Bitcoin Price Today
Bitcoin price was trading at $98,267, up 1.26% in the last 24 hours. Its 24-hour low and high were $96,079 and $99,003, respectively. MicroStrategy announced plans to raise more capital for additional Bitcoin purchases, boosting investor confidence.
BTC ETF saw a significant inflow of $655 million on Jan 3. Fidelity led the purchases with $356 million, followed by Ark & 21Shares at $222 million, Bitwise at $61 million, and Grayscale at approximately $9 million. BlackRock’s data on ETF inflows is still awaited. Crypto prices today continues to reflect strong interest in Bitcoin investments.
Ethereum Price Today
Ethereum (ETH) price was trading at $3,596, reflecting a 4% increase in the last 24 hours. Its 24-hour low and high were $3,422 and $3,628, respectively. ETH’s market cap stands at $433 billion, with a trading volume of $21 billion over the past 24 hours.
According to SoSo Value data, ETH ETF recorded an inflow of $24.9 million. Fidelity led the purchases with $27 million, while Grayscale sold $2 million worth of ETH ETFs.
XRP Price Today
XRP price was trading at $2.47, showing a 2% increase over the last 24 hours. Its 24-hour low and high were $2.40 and $2.50, respectively. The trading volume saw a 12% drop, now standing at $6 billion.
Solana Price Today
SOL price was trading at $216, marking a 5% rise in the last 24 hours. Its 24-hour low and high were $206 and $217, respectively. Rumors of an airdrop for Solana Phantom Wallet users have sparked excitement within the community, driving positive sentiment. The cryptocurrency prices today shows increasing interest in Solana, contributing to its strong performance.
Meme Cryptocurrency Prices Today
The meme cryptocurrency market today displayed strong momentum, with most top meme coins trading in the green. Dogecoin (DOGE) surged by 14% and was trading at $0.39, while Shiba Inu (SHIB) saw a 9% rise over the last 24 hours. Other notable meme coins like BONK, PEPE, and WIF gained between 5% to 15%. However, Pudgy Penguins (PENGU) bucked the trend and remained in the red, making it one of the few exceptions in the meme coin rally.
Top Cryptocurrency Gainers Prices Today
Internet Computer
ICP price was trading at $12.39, reflecting a significant 15% surge in the last 24 hours. Its 24-hour low and high were $10.80 and $12.53, respectively. The market cap stands at approximately $6 billion, with a trading volume of $315 million.
EOS
EOS price was trading at $0.93, showing a notable 15% rise in the last 24 hours. Its 24-hour low and high were $0.81 and $0.95, respectively.
Top Cryptocurrency Losers Prices Today
FTX Token
FTX Token (FTT) emerged as the worst performer today, dropping 9% in the last 24 hours. Its 24-hour low and high were $3.43 and $3.82, respectively. Meanwhile, FTX has begun the process of distributing funds to creditors under its Chapter 11 Plan of Reorganization, signaling progress in the ongoing recovery efforts.
Virtual Protocols
VIRTUAL price was the second-worst performer today, slipping by 6% in the last 24 hours. Its 24-hour low and high were $4.117 and $4.43, respectively. The market cap stands at $4.18 billion, with a trading volume of $468 million.
Besides this, the hourly chart shows bullish momentum, with Bitcoin and major altcoins trading upward in the last hour. Analysts from Coingape reported that 2025 is expected to be the year of ETFs, sparking discussions on which crypto ETF will secure approval first.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The Solana Phantom Wallet has dazzled members of its community with a new revelation regarding its much talked about native token. Prior to this time, different influencers on crypto X have been publicizing how the non-custodial wallet had plans to launch a token with a planned airdrop for users. In the new update on X, Phantom Wallet said it has no plans to launch a token.
Phantom Wallet Squash Airdrop Plans
The non-custodial wallet said the it is thrilled with the enthusiasm of its users regarding the token’s prospects. However, the protocol said rather than focus on its own token, it is rather working to simplify how users share and discover new assets on its platform.
It directly addressed the PHNT asset speculation, saying “we do not have any plans to launch a token.” The wallet said it is working on social discovery with a special mission to help many discover and love the crypto industry.
We’re thrilled by the enthusiasm for following users on Phantom!
It’s a huge step for us toward making crypto more personal and user-friendly. By simplifying how you share and discover with friends, we aim to dramatically improve how users find new tokens and apps.
We’ve seen…
— Phantom (@phantom) January 3, 2025
This news update has triggered a mixed emotion among users. While some considered the update disappointing, others noted how important the update is to safeguard users from scammers. The update comes shortly after a Trust Wallet and BNB Chain’s crypto wallet security update.
Meanwhile, the Solana’s Phantom Wallet did not mention any specific effort regarding its social incentive for the community.
Impact on the Solana Ecosystem
The broader Solana ecosystem might suffer the brunts of this latest update as a Phantom Wallet. With a new token on Solana, the demand for SOL as liquidity asset and fas fee will soar, setting the coin up for growth.
This is even more needed with the ongoing Pump Fun SOL selloff on exchanges like kraken. The memecoin launchpad has continued to sell its generated SOL revenue as the most used memecoin launchpad in the broader industry.
Amid these updates and negative ecosystem shifts, the price of SOL has jumped 5.05% in 24 hours to $216.75. This shows the Phantom wallet update has fueled no negative impact for the coin.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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