Pump.fun

Memecoin

Winter

USDC

Solana memecoin launchpad Pump.fun has transferred more than $436.5 million in USDC to crypto exchange <a rel="noopener noreferrer nofollow" target="_blank" href="https://kraken.pxf.io/daDrJM">Kraken</a> since mid-October, according to on-chain data from <a href="https://x.com/lookonchain/status/1992792570808897822?s=20" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a>. From the total, $436.5 million, $405 million was deposited in the last seven days alone.
The transfers came at a time of high decline in memecoin trading volumes and a general retreat in speculative activity on Solana following a $19 billion market-wide dip on October 15, 2025.
Pump.fun accounts for some 70% of all memecoin deployments on <a rel="noopener noreferrer nofollow" target="_blank" href="https://med.etoro.com/B10215_A67747_TClick_Scb-solana.aspx?TargetURL=https://www.etoro.com/markets/sol">Solana</a>, but its monthly revenue fell from 53% in November to $27.3 million, its lowest level since July, and down from $58.9 million in September, per <a href="https://defillama.com/protocol/pump?tvl=false&amp;events=false&amp;revenue=true" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a> data.
On-chain data also show the platform sold 4.19 million <a rel="noopener noreferrer nofollow" target="_blank" href="https://med.etoro.com/B10215_A67747_TClick_Scb-solana.aspx?TargetURL=https://www.etoro.com/markets/sol">SOL</a> tokens between May 2024 and August 2025 for a combined $757 million at an average price of $181 per token, with the majority on Kraken.&nbsp;
As of November 24, 2025, Pump.fun wallets tracked by <a href="https://intel.arkm.com/explorer/entity/pump-fun" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a> still hold approximately $855 million in stablecoins and $211 million worth of SOL.
The USDC transfers in question have been connected to a June private placement of the platform’s $PUMP token, which was sold to institutional investors at $0.004 per token. <a href="https://x.com/EmberCN/status/1992775241979097182" target="_blank" rel="noopener noreferrer nofollow">On-chain analyst EmberCN described</a> the movements as structured “withdrawals,” stating that $537.6 million in USDC subsequently flowed from Kraken to <a rel="noopener noreferrer nofollow" target="_blank" href="https://med.etoro.com/B10215_A67747_TClick_Scb-circle.aspx?TargetURL=https://www.etoro.com/markets/crcl">Circle</a>, the issuer of USDC, in what appears to be a liquidity-management operation.
Nansen research analyst Nicolai Sondergaard identified repeated retail losses as the primary reason behind the reduced memecoin activity, adding that continued outflows remain possible if sentiment does not improve.
<h2 id="b-full-time-liquidation-machine-crypto-community-reacts-to-pump-fun-b">“Full-Time Liquidation Machine”: Crypto Community Reacts To Pump.fun</h2>
The transfers have led to criticism across crypto communities on social media, especially on X, with some users <a href="https://x.com/sk_sahil24/status/1992836393547202700" target="_blank" rel="noopener noreferrer nofollow">labeling</a> Pump.fun a “full-time liquidation machine.” Despite continued buyback activity, its native $PUMP token has fallen 24% in the past week to around $0.0027, its lowest level of 2025 and well below the June private-sale price.
The official X account for Pump.fun hasn’t posted in over 10 days, with the last post from co-founder Alon coming on November 12, 2025.&nbsp;
On Monday, a project spokesperson pushed back against cash-out allegations, stating: “$0 have been cashed out—we’re not involved in the transactions between <a rel="noopener noreferrer nofollow" target="_blank" href="https://kraken.pxf.io/daDrJM">Kraken</a> and <a rel="noopener noreferrer nofollow" target="_blank" href="https://med.etoro.com/B10215_A67747_TClick_Scb-circle.aspx?TargetURL=https://www.etoro.com/markets/crcl">Circle</a>. This is part of Pump’s treasury management, where USDC from the $PUMP ICO has been handled.” The team said a more detailed statement is forthcoming.
While <a rel="noopener noreferrer nofollow" target="_blank" href="https://med.etoro.com/B10215_A67747_TClick_Scb-solana.aspx?TargetURL=https://www.etoro.com/markets/sol">Solana</a> memecoin trading volumes are down 38% month-over-month, its network remains a leader in on-chain activity, seeing a record 14 weeks of the highest DEX volumes across chains and zero outflows from spot <a rel="noopener noreferrer nofollow" target="_blank" href="https://med.etoro.com/B10215_A67747_TClick_Scb-solana.aspx?TargetURL=https://www.etoro.com/markets/sol">SOL</a> ETFs.
This article was originally published as <a href="https://www.cryptobreaking.com/pump-fun-moves-436-million/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Pump.fun Moves $436 Million to Kraken as Memecoin Winter Sets In</a> on <a href="https://www.cryptobreaking.com/?utm_source=rss&amp;utm_medium=syndication&amp;utm_campaign=article_footer" rel="noopener noreferrer nofollow">Crypto Breaking News</a> – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Pump.fun Moves $436 Million to Kraken as Memecoin Winter Sets In

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