TLDR
- Pump.fun has withdrawn $436.5 million USDC since mid-October, with $405 million moved to Kraken in the past week alone
- The funds appear to be proceeds from Pump.fun’s June private sale where institutions bought PUMP tokens at $0.004 each
- PUMP token has crashed 24% in one week and is trading at $0.0026, below the private sale price
- The platform has sold 4.19 million Solana tokens worth $757 million between May 2024 and August 2025
- Community members criticize Pump.fun for taking over $1 billion in revenue while providing no airdrops, marketing, or incentives to users
The Solana-based meme coin platform Pump.fun has moved $436.5 million in USDC off its accounts since October 15. On-chain data from crypto analyst EmberCN shows the transfers included $405 million sent to Kraken exchange in just the past seven days.
The data reveals that 466 million USDC also moved from Kraken to Circle during the same period. EmberCN described the activity as “very likely” a withdrawal operation.
According to the analysis, these funds match the proceeds from Pump.fun’s June private sale. During that round, institutions purchased PUMP tokens at a fixed price of $0.004 per token. The private placement allocated 18% of the total 1 trillion token supply to institutional buyers, raising approximately $720 million.
Pump.fun launched its native PUMP token through an initial coin offering in July. The ICO raised $500 million in less than 12 minutes.
The platform has not posted any updates on its official X account for over a week. The silence has fueled concerns among community members about the nature of these large transfers.
Selling Activity Beyond USDC
Arkham data shows that since October 15, Pump.fun deposited 436.5 million USDC into Kraken. This was followed by 537.6 million USDC flowing from Kraken to Circle.
The platform has also sold substantial amounts of Solana tokens. Between May 2024 and August 2025, Pump.fun sold 4.19 million SOL worth nearly $757 million. Of this total, 264,373 SOL was sold on-chain for $41.64 million. The remaining 3.93 million SOL, valued at $715.5 million, went to Kraken.
Community members have criticized the moves. One user pointed out that Pump.fun has made over $1 billion in the past year but has not rewarded its community. “No airdrop, no marketing, no incentives,” the user wrote on X.
Dune Analytics data shows Pump.fun has generated more than $908 million in revenue since launch. Daily active wallets have recently dropped to just under 100,000.
Token Price Falls Below Private Sale Level
The PUMP token has declined 24% over the past week. The token dropped 3.97% in the last 24 hours and is currently trading at $0.0026.
This price sits below the June private sale price of $0.004 that institutions paid. The token has fallen 35% over the past month.
Insiders and early investors held roughly 55% of the supply when trading began. This allocation has drawn criticism from retail buyers who claim it created unfair market conditions.
Pump.fun recently introduced “Mayhem Mode,” an AI-driven feature for token launches. The update failed to generate meaningful growth. Daily token launches only increased slightly from 17,300 to 17,800 after the feature went live.
Out of more than 10,000 tokens created in the last 24 hours, only 86 managed to graduate from the platform. Analysts at Coincodex predict PUMP could fall to $0.001929 by December 23. The forecast cites bearish sentiment and high volatility as factors.
Several class-action lawsuits have been filed against Pump.fun and its affiliated companies in New York. The suits allege the sale of unregistered tokens and misleading claims about potential returns.
