Pump.fun, a leading Solana memecoin launchpad, has transferred over $436 million in USDC to Kraken since mid-October, based on Lookonchain data. These moves began right after a major crypto market crash, which also caused Pump.fun’s revenue to fall from $58.9M in September to $27.3M in November.

The withdrawals have sparked concerns that Pump.fun may continue selling while memecoin activity is already slowing. Analysts note the downturn began even before the crash, and traders online argue that Pump.fun’s large transfers are adding pressure to an already weak market.

Even after these outflows, Pump.fun still holds about $855M in stablecoins and $211M in SOL, according to Arkham. Some analysts say the transfers may relate to earlier institutional token sales, but the community remains skeptical as the memecoin hype cools and the platform’s momentum slows.

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