pump. fun It transferred another 81,712 soles, worth approximately $6.15 million, to cryptocurrency exchange Kraken on July 18, 2026, according to on-chain analyst EmberCN. This step in itself is just another wallet transfer. But in the context of slowing memecoin activity and weakening Solana network revenues, it offers another glimpse into how one of crypto’s biggest success stories is changing.
middle memecoin trend, pump. fun It emerged as one of the most popular apps on Solana, generating millions in fees when users created and traded tokens. As trading opportunities slow, the app continues to monetize a portion of its revenue through transfers to Kraken.
According to EmberCN estimates, pump. fun It reportedly sold approximately 4.81 million SOL tokens between January 2024 and July 18, 2026. This translates to sales of approximately $812 million, with each token sold at an average cost of $168.70. With this achievement, pump. fun He is now recognized as one of the best long-term SOL selling players in today’s walking sticks.
What was sold, and how much is left
The latest transaction is part of an emerging pattern, rather than an isolated incident. According to his X calculation, pump. fun It was launched in January 2024and charge a trading fee of 1% to swap tokens. This business strategy proved very successful during the peak of the memecoin boom.
Pump.fun was created Over $1 billion in cumulative revenue since launchincluding nearly $664 million in 2025 alone. The platform also produced approx $124.7 million in revenue during the first quarter of 2026This confirms the success of its 1% fee-based business model despite the broader slowdown in the memcoin market.
Why do the numbers look different?
When examined closely, the number given by EmberCN is much lower than the number given by DefiLlama. This difference is due to the fact that they measure different aspects.
- The EmberCN number ($812 million as of July 18, 2026) is simply the estimated number of SOL coins (about 4.81 million) that pump. fun It is believed to have been sent to the Kraken and presumably sold.
- Devilama characters (as of July 18, 2026) indicates cumulative fees of approximately $1.86 billion, while cumulative revenue from the protocol is more than $1.2 billion, accounting for all fees earned from pump. funproducts.
In other words, both sets of numbers show different information. EmberCN sees the actual sales numbers for SOL, while DefiLlama evaluates the total fee income and protocol revenue.
Raffle on Solana
pump. funNetwork slowdowns are also becoming visible at the network level.
According to an article published on June 16, 2026, the platform suffered Activity has declined by 80% over the past three months. Average daily revenue in June fell to about $800,000 compared to about $4.8 million six months ago. Furthermore, only 0.26% of the newly issued tokens managed to reach enough market capitalization to reach other exchanges.
The economic downturn is about more than just a decline in interest in memcoins. Traders have turned to perpetual futures protocols like Hyperliquid, reducing the amount of on-chain activity that once made Solana one of the most active networks in the cryptocurrency space. When there is a single application that drives a large portion of blockchain activity, a slowdown in its use will also impact the economics of the blockchain.
Business that has passed its peak
The price of PUMP has fallen approximately 40% over the past six months, and DefiLlama suggested that as of July 18, 2026, the token was priced at approximately $0.0016, well below its maximum value of $0.0088. The total market cap of the token is approximately $655 million.
The difference is very clear when we take into account how quickly investor interest in the project increased. pump. fun I managed to raise $600 million in ICO It was completed in just 12 minutes.
The general concept of pump. fun He also got shot. According to STORM Partners, pump. fun he The epicenter of the memecoin boom for 2024-2025With estimates suggesting the platform is responsible for issuing approximately 11 million tokens by mid-2025. However, in the end, just under 1% of the tokens issued actually make it to exchanges, such as Raydium. During spikes in activity, this constant influx of new tokens translates into big profits. But now that trading has subsided, the pattern itself is relying on decreasing levels of activity.
What are you watching next?
The next question is whether pump. fun Solana will continue to sell SOL at this rate even as protocol revenue slows and Solana network activity begins to accelerate at a steady pace.
According to wallet tracking by EmberCN, until July 18, 2026, pump. fun He still sends SOL to the Kraken from time to time. Such transfers will certainly remain a key indicator, but they are only part of the overall situation. It is DefiLlama’s revenue statistics and Solana’s network fee metrics that will best tell us whether user activity will stop slowing down and whether the memecoin boom that helped the blockchain achieve amazing growth still continues to fade.
