Pump.fun moved another 100,628 SOL, valued at about $8.32 million, in a transaction flagged by Lookonchain on May 28, 2026. The on-chain tracker said Pump.fun has now sold 4,466,846 SOL for about $780 million, at an average price of $175.
The latest movement was routed into Kraken, according to Lookonchain’s post. The $8.32 million valuation implies a price near $82.68 per SOL, while a Bitget described the sale as occurring near an average price of $84.5, so the execution price should remain attributed by source rather than treated as a single confirmed venue print.
Pump fun(@Pumpfun) just sold another 100,628 $SOL($8.32M)!https://t.co/DrKlYnPPqY has sold a total of 4,466,846 $SOL($780M) at an average price of $175.
Of that, 4,202,472 $SOL($738.6M) was deposited into #Kraken, and 264,373 $SOL($41.6M) was sold on-chain.… pic.twitter.com/ELxAvIoQPr
— Lookonchain (@lookonchain) May 28, 2026
Treasury Sales Add Supply During a Weak Session
Lookonchain’s cumulative breakdown shows that 4,202,472 SOL, worth about $738.6 million, was deposited into Kraken, while 264,373 SOL, worth about $41.6 million, was sold on-chain. That split suggests the sell-down has relied primarily on centralized exchange routing, although a Kraken deposit does not by itself prove the exact execution method or timing of every sale.
The transfer coincided with broader weakness across Solana and the wider crypto market. Solana fell 5% to an intraday low near $80 on May 28, while Bitcoin slipped below $73,000 and Ethereum fell under $2,000 during the same market-wide correction.
That broader drawdown was not unique to Solana. On May 28 that Bitcoin traded at $72,978 in Asian hours after touching $72,912, while SOL dropped 3.5% to $80.57. Those figures frame Pump.fun’s transfer as one pressure point inside a wider risk-off session, not as the sole driver of Solana’s decline.
Leverage Zones Keep Traders Focused on $80
Derivatives data also pointed to fragile positioning around SOL. CoinGlass liquidation heatmap data showed leveraged clusters between $83 and $84, with substantial long liquidation zones below $79 and short clustering near $84 and $88.
That setup can amplify intraday volatility when new spot supply meets thin liquidity. The confirmed data shows a Pump.fun-linked SOL movement, a weaker SOL price and crowded derivatives zones in the same window, but it does not prove that the treasury transfer directly caused the full move lower.
Macro conditions added another layer of pressure. Analysts tied the broader crypto sell-off to renewed U.S.-Iran tensions near the Strait of Hormuz and nearly $1 billion in 24-hour liquidations, while others cited oil-price concerns, inflation pressure and reduced appetite for high-risk assets. That geopolitical backdrop should be treated as concurrent market context, not a complete explanation for SOL’s price action.
For now, the cleaner read is that Pump.fun’s treasury distribution introduced additional SOL supply during an already fragile trading window. Future market impact will depend on whether further transfers are routed through Kraken, sold on-chain, or delayed while spot buyers defend the $80 region.