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Pump.fun, the Solana-based memecoin launchpad, has withdrawn approximately $436.5 million USDC from its platform wallets to centralized exchanges since mid-October, according to blockchain analytics firm Arkham Intelligence.
The transfers—including 405 million USDC moved to Kraken in the past week alone—have sparked community backlash as the platform has remained silent for over a week amid declining token launch activity.
On-chain researcher EmberCN suggested the pattern indicates an institutional cash-out rather than routine treasury management, potentially linked to a reported $500 million private funding round completed in June.
Pump.fun token transfers have accelerated rapidly since October 15, according to new on-chain intelligence compiled by blockchain researcher EmberCN.
The analyst confirmed that the Pump.fun team moved 405 million USDC to Kraken in the past week alone, while another 466 million USDC flowed from Kraken to Circle during the same period.
EmberCN stated the pattern was “very likely a withdrawal operation,” suggesting institutional cashing-out rather than routine treasury management.
“The transfers match the timeline of the June institutional private sale of the Pump.fun token,” EmberCN said in a public analysis post.
The Pump.fun token’s private sale reportedly raised $500 million in under 12 minutes, according to project documentation.
The Pump.fun token community has reacted fiercely, arguing that the project’s silence has made the situation worse.
Pump.fun’s official X account has been quiet for more than a week, fueling rumors of internal financial stress.
According to Arkham Intelligence, since mid-October Pump.fun has:
Deposited 436.5M USDC to Kraken
Pulled 537.6M USDC from Kraken into Circle
This rapid cycling of funds is widely seen as a sign of institutional disengagement.
One X user criticized the lack of community rewards, writing:
“Pump.fun has pocketed over a billion this year. No airdrop, no incentives, nothing for the community.”
Another user aimed directly at Pump.fun founder Alon, saying Q4’s performance “will be the best for the team and nobody else.”
The Pump.fun token has been on a brutal downward slide, dropping over 22.7% this week and nearly 4% in the last 24 hours, according to CoinMarketCap.
At $0.0026, the Pump.fun token now trades below its June private sale price of $0.004, leaving institutional buyers and retail investors deeply underwater.
Crypto market analyst Liam Wright, editor at BlockTide Research, told reporters:
“Large-scale treasury withdrawals typically signal one of two things: institutional exit or prep for a major restructuring. Either scenario creates extreme sell pressure, and the Pump.fun is clearly feeling it.”
Pump.fun recently rolled out Mayhem Mode, an AI-powered token launch accelerator meant to reignite activity on the platform.
But the Pump.fun saw no meaningful bounce. According to The Block, daily token launches rose only marginally—from 17,300 to 17,800—after the update.
The muted response has deepened investor skepticism around the Pump.fun token’s long-term utility and roadmap.
The Pump.fun token now sits in a precarious position. Massive USDC withdrawals, weak platform engagement, and price erosion have placed unprecedented pressure on the memecoin launchpad.
Analyst Wright adds:
“If Pump.fun cannot deliver meaningful updates, transparency, or incentives soon, the Pump.fun token could face sustained downside pressure well into Q4.”
For now, investors are watching the next on-chain movements closely—as the fate of the Pump.fun and its community hangs in the balance
