Solana-based meme coin launchpad Pump.fun has withdrawn $ 436.5 million USDC since October 15, according to on-chain analysis.
Data accumulated by crypto analyst EmberCN revealed that Pump.fun team has moved 405 million USDC into Kraken in the past week alone. During the same period, the project transferred 466 million USDC from Kraken to Circle.
The move is “very likely” to be a “withdrawal,” the analyst noted.
Per EmberCN, the funds are proceeds from Pump.fun’s June private sale of PUMP tokens to institutions. Pump.fun launched its own token, PUMP, in July through an initial coin offering that raised $500 million in under 12 minutes.
Despite the recent massive USDC transfers, the official X account of Pump.fun has remained silent for over a week, failing to provide any updates.
“Cash Out” Operation Triggers Community Backlash
Since October 15, Pump.fun has deposited 436.5 million USDC into Kraken, followed by 537.6 million USDC flowing from Kraken to Circle, Arkham data notes.
Further, the platform has sold a total of 4.19 million Solana (SOL), worth nearly $757 million, from May 2024 to August 2025.
“Of that amount, 264,373 SOL was dumped on-chain for $41.64 million, while 3.93M SOL($715.5 million) was deposited into Kraken,” Lookonchain noted.
Analysts note that similar cash-outs in memecoin projects have historically led to short-term price dips. However, the latest move has triggered community backlash.
One user noted that Pump.fun has pocketed over a billion in the past year, while the project hasn’t given back to its community.
“No airdrop, no marketing, no incentives,” the user wrote on X.
Another user remarked that Q4 will be the best quarter for Pump.fun team “and nobody else,” slamming its founder Alon’s claims on the project’s Q4 performance.
Pump.fun Token Plunges Nearly 4% in 24 Hours
The native token of the memecoin launchpad PUMP has been bearish for over a week, plunging over 22.77%, per CoinMarketCap data.
The token has fallen 3.97% in the past 24h, extending a 24% weekly decline. It is currently trading at $0.0026 at press time, which is lower than the June private sale of the token, which was priced at $0.004 for institutions.
Besides, Pump.fun recently launched “Mayhem Mode” – an AI-driven token launch feature, which failed to meaningfully boost activity. According to The Block, the daily token launches rose only slightly from 17,300 to 17,800 post-update. This stagnation has further undermined investors’ confidence.
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