Solana memecoin launchpad Pump.fun has transferred more than $436.5 million in USDC to crypto exchange Kraken since mid-October, according to on-chain data from Lookonchain. 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 Solana, 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 DefiLlama data.
On-chain data also show the platform sold 4.19 million SOL 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.ย
As of November 24, 2025, Pump.fun wallets tracked by Arkham Intelligence 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. On-chain analyst EmberCN described the movements as structured โwithdrawals,โ stating that $537.6 million in USDC subsequently flowed from Kraken to Circle, 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.
โFull-Time Liquidation Machineโ: Crypto Community Reacts To Pump.fun
The transfers have led to criticism across crypto communities on social media, especially on X, with some users labeling Pump.fun a โfull-time liquidation machine.โ 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.ย
On Monday, a project spokesperson pushed back against cash-out allegations, stating: โ$0 have been cashed outโweโre not involved in the transactions between Kraken and Circle. This is part of Pumpโs treasury management, where USDC from the $PUMP ICO has been handled.โ The team said a more detailed statement is forthcoming.
While Solana 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 SOL ETFs.
