Memecoin launchpad Pump.fun cashed out $436 million in USDC. This sparked scrutiny amid declining revenue and concerns over selling pressure.
Memecoin launchpad Pump.fun has cashed out a substantial sum. They sent over $436 million worth of stablecoins. This is since the record crypto market crash in October. That crash brought trading activity way down. It also reduced the platform’s monthly revenue.
Pump.fun’s $436M USDC Transfers Raise Investor Concerns
Since October 15, the launchpad of the Solana-based memecoin has sent across $436 million in USDC stablecoins. All these funds migrated to cryptocurrency exchange Kraken. This indicates that the operators of the platform were cashing out. This information is obtained from blockchain data platform Lookonchain.
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In the last week, the team of the Pump.fun project has managed to transfer $405 million USDC into Kraken. Then, in the same time period, $466 million USDC was transferred. This shifted from Kraken to Circle (the USDC issuer). This is highly likely to be a withdrawal.
This money represents money that Pump.fun has obtained. It came from the sale of $PUMP to institutional private placements. This occurred in June. The price tag for institutional private placements was $0.004. Now it has dipped below that issue price.
These movements are confirmed by blockchain analytics data. Since October 15, 2025, memecoin launchpad, Pump.fun sent more than $400 million in USDC to Kraken. Kraken then sent similar amounts to Circle, which is the issuer of USDC. This massive transfer has raised eyebrows. Investors view it to be a massive cash-out. This is coming during the backdrop of a sinking memecoin market. The amount of revenue that the platform is making is also falling.
Some vital information regarding the transfers is significant. The quantity and time are significant. As of November 24th, 2025, Pump.fun sent more than $405 million in USDC to Kraken in the past week. A total of more than $436 million has moved in since October 15.
The source of funds is also under investigation. According to on-chain analysts, the funds were received from an institutional private placement of the $PUMP token. This occurred in June 2025.
Project Silence Amidst Scrutiny and PUMP Token Decline
That this is something to be scrutinized is obvious. The transfers have been the subject of concern. They have been criticised by crypto investors. They look at it as a precursor for more selling pressure. This is while the platform’s monthly revenue has decreased significantly.
Project silence fuels more worries. The official account for Pump.fun X (formerly known as Twitter) has been quiet for over a week. Its co-founder Alon had its last account active on November 12. This absence of communication is a cause for concern among investors.
Pump.fun’s native token PUMP is in a big decline. It is trading at around 0.0025 to 0.0026. This is a significant decrease from its all-time high price of $0.0088 in September of 2025. The price is affected by a combination of platform-specific challenges and general sentiment in the market.
Pump.fun is a platform based on Solana. It launched in January 2024. It makes it easy for users to create and trade memecoins.
The bonding curve model is used by the platform. This determines the prices of tokens. It also has a mechanism for preventing “rug pulls.” This requires the tokens to achieve a certain market cap. This is before listing on the decentralised exchange Raydium.
Despite its popularity, the platform has been tainted with controversies. These include issues of livestreaming. There were also warnings against unregulated gambling in some countries. These challenges are part of the reason for investor unease.