Pump.fun has transferred 76,111 SOL worth approximately $6.85 million to Kraken after a reported 15-day pause, as traders have criticized its fee model and pointed to Robinhood as a potential
Pump.fun has transferred 76,111 SOL worth approximately $6.85 million to Kraken after a reported 15-day pause, as traders have criticized its fee model and pointed to Robinhood as a potential challenger.
SummaryLookonchain identified the deposits in a Nov. 6 update, sharing an Arkham transaction view showing multiple Pump.fun fee accounts sending SOL to a wallet labeled as a Kraken deposit address.
Its accompanying figures put the platform’s cumulative sales at 5,553,833 SOL. The Money Ape, a market commentary account, described the movement as ending 15 days of inactivity and said the funds traveled through an intermediary wallet.
🚨 BEARISH FOR SOLANA 🚨Pump fun dumping another 76,111 $SOL worth $6.85 Million to Kraken via an intermediary wallet, ending 15 days of inactivity.Did they already know about China's investigation into Solana's advertising in Shanghai? pic.twitter.com/pEs8dPgyai
— TMA | The Money Ape (@TheMoneyApe) November 6, 2026
The transaction images showed batches of roughly 7,227 SOL, 7,170 SOL and 20,464 SOL, among other deposits. A separate view shared by The Money Ape showed tokens moving from the deposit address into a wallet labeled as Kraken’s hot wallet.
Lookonchain described the activity as renewed selling, although its update did not identify an execution price for the latest batch. An exchange deposit establishes that tokens reached the exchange, without showing when or at what price they were subsequently traded.
As crypto.news previously reported, Pump.fun moved 47,994 SOL worth $5.83 million to Kraken on Sept. 27. Lookonchain’s cumulative estimate then stood at 5,236,623 SOL valued at $848 million.
The latest figures are 317,210 SOL and $34.4 million above that September snapshot, based on the tracker’s calculations.
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In posts shared on X, a trader using the name j argued that Pump.fun’s business model benefits from repeated trading and token creation without doing enough to improve outcomes for users.
“This team is not user-aligned, nor ecosystem aligned,” the trader wrote.
yes – the pumpfun monopoly is a shrinking pool of capital profitable to 1% and highly profitable to the chosen 0.1%.i have given several direct recommendations to the pump team, but they have zero interest in creating any culture shift, increasing ceilings of coins, growing the…
— j (@0xjaqs) November 6, 2026
The criticism focused on fees collected before tokens migrate from the launchpad. In the trader’s view, the platform earns substantial revenue from small launches even when individual tokens struggle to build lasting markets.
A separate post framed Robinhood as a potential challenger, praising its leadership’s interest in on-chain trading and arguing that its resources could support a more competitive product.
The post included an image attributed to Robinhood CEO Vlad Tenev with the statement: “The trenches are calling and I must go.” Another embedded message described building a chain for real-world assets and memecoins.
Drawing a comparison with Hyperliquid, j argued that a later entrant could overtake established platforms by improving the product and learning from competitors’ mistakes. The trader presented Robinhood as their preferred bet on where speculative on-chain activity could develop.
Kioto, another market commentator, expressed a similar view, saying Robinhood offered the best current chance of bringing trading volume back to the memecoin market.
Alongside the criticism, j proposed higher starting market capitalizations for new tokens, liquidity that compounds over time and the removal of callout rewards.
The trader suggested cutting trading modes that encourage users to compete against one another and limiting creators to one token launch every 24 hours.
An airdrop should follow product improvements, the post argued, with rewards directed toward users instead of influential figures.
Despite the criticism, j said Pump.fun had helped them become a multimillionaire at age 20 and expressed hope that the team would improve the platform.
Pump.fun has reported substantial spending on its own token. During Aug. 3–9, the company generated $10.03 million in fees and spent approximately $5.02 million buying and burning 2.15 billion PUMP.
Its published framework committed 50% of designated revenue to buybacks and burns through a locked smart contract.
The transfers coincided with reporting on Chinese authorities’ intervention in Solana’s promotional activities.
China’s Financial Times cited a People’s Bank of China official saying regulators had halted Solana’s planned event in Shanghai and would investigate domestic entities and individuals involved in its promotion.
The official cited advertising on Citigroup Tower in Shanghai’s Lujiazui financial district and said the campaign violated cryptocurrency promotion restrictions.
The Money Ape questioned whether Pump.fun had advance knowledge of the investigation, providing no evidence for that suggestion.
Solana Foundation President Lily Liu had attributed the October postponement to registrations quadrupling overnight and exceeding the venue’s registered capacity. The central bank official subsequently described intervention involving financial regulators, police and market supervision authorities.
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