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A wallet activated by Ripple cofounder Chris Larsen transferred over $109,000,000 in XRP during the month of September.
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Pump.fun transferred another 98,000 SOL from Kraken, bringing the total to 880,877 SOL in January.
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These large transfers come amid market volatility.
A wallet that was activated by Ripple founder Chris Larsen transferred $109 million in XRP worth to major cryptocurrency exchanges including Coinbase Bitstamp and Bybit. ZachXBT, an on-chain investigator, flagged the transactions and noted that the funds came from the XRP address “rhREXVH…Etjna.”
Although there has been no official statement from Ripple, or Larsen, regarding the transfers of XRP, large movements by wallets associated with Ripple’s founding members have attracted attention. Some speculate that such transfers may be for liquidity management while others speculate about potential sell-offs.
Pump.fun continues to transfer large amounts of money: 880K for Kraken
Pump.fun, a meme coin platform based in Solana, has continued to sell SOL tokens. Today, January 30, another 98,000 SOL were transferred to Kraken. This brings the total amount of SOL moved this month up to 880,877 SOL. At Solana’s token price of $241, the total amount offloaded is worth approximately $112.3 million.
RelatedWhales drive XRP and ADA bullish surge: Will new all-time highs follow?
The constant movement of SOL onto exchanges has raised concerns about possible sell-offs by market participants. Pump.fun is a platform that allows users to launch and trade meme coins using Solana. It has been a subject of increased scrutiny because of its large token movement.
XRP Whale Activity Hits Record High
XRP has also seen a noticeable increase in whale activity. The number of wallets that hold between 1 million and ten million XRP reached a record high of 2,083. This increase in activity is indicative of growing confidence among large investors. Such accumulations often signal expectations of a price rise.
On January 29, XRP briefly reached $3.20, before reverting to $3.10. Analysts believe that a decisive move beyond $3.40 would pave the path for a possible push above $4, creating optimism among investors.
Related:XRP Targets 3 62 $ After ABC Correction
In a separate incident the Solana platform DogWifTools was hit by a $10 million attack, which targeted versions 1.6.3 to 1.6.6 of their software. Hackers accessed a private GitHub repository of the project, injected malicious codes into software updates and distributed them to its users.
The malware installed “updater.exe” which stole private keys from both hot and cold wallets and drained their funds. The malware also caused victims to lose access to their Binance or Coinbase accounts.
DogWifTools has been accused of “rug pulling” by some community members, but there is no evidence to support this claim. Other users warned that features such as token bundling and volume automation may have made it an attractive target for attackers.
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