Pump.fun recently transferred $$SOL worth $55 million to Kraken, which caused the price of Sol to surge by more than 10% and break through the $200 mark.
Specifically, at around 5 pm UTC on January 1, 2024, the price of Solana briefly fell to $189 and then quickly rebounded.
Then around 6 pm, the price rose again, and this fluctuation was closely related to Pump.fun's transfer activities.
According to statistics, Pump.fun completed two large transactions on January 1. The first transaction occurred at 4:37 pm UTC, involving an amount of $22.8 million; then, at 5:45 pm, another $32.7 million of SOL was transferred.
Throughout 2024, Pump.fun has deposited more than $303 million of SOL with Kraken and sold more than $41 million of tokens, which has brought considerable selling pressure to the market.
At the same time, market speculation about the potential approval of the US spot Solana ETF has also stimulated investor optimism.
According to Polymarket data, the probability of the ETF being approved by the end of 2025 is as high as 76%.
Analysts pointed out that if such an ETF is approved, it will have a significant impact on the price of Solana, and may even push it to $400.
Currently, major asset management companies such as Grayscale, VanEck, 21Shares, Bitwise and Canary Capital are competing to launch the first spot Solana ETF in the United States.
It is worth noting that the SEC officially accepted these ETF applications and reviewed them in November 2024.
Among them, Grayscale's application deadline is January 23, 2025, while the decisions on other applications are expected to be announced on January 25.
Globally, Brazil approved the first Solana ETF on August 7, 2024, a milestone event that set a benchmark for other markets.
Alejo Pinto, founder of Lumio, the second-layer network of Solana, also emphasized the potential market impact of the approval of ETFs in the United States.
He said that since there is still great uncertainty, the approval of ETFs in the United States will have a positive impact on Solana prices.
Since this positive factor has not yet been fully priced by the market, its potential is huge.
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