These funds came from the proceeds of the private sale round conducted by the platform in June for its currency Pump.Fun-PUMP.
According to blockchain analysis, the meme coin launch platform Pump.Fun, based on the Solana blockchain, withdrew an amount of 436.5 million USD Coin since October 15.
Data collected by the cryptocurrency analyst EmberCN revealed that the platform's team transferred 405 million USD Coin to Kraken in just the past week. Additionally, the project transferred 466 million coins from Kraken to Circle during the same period, with the analyst stating that it is 'highly likely' that this operation is a 'cash withdrawal.'
According to EmberCN, this money came from the private sale round of Pump.Fun conducted by the platform in June for institutions. The platform launched its own token (Pump.Fun) in July through a fundraising round of $500 million in less than 12 minutes.
Despite the recent massive transfers of USD Coin, the official account of Pump.Fun on X (formerly Twitter) remained silent for more than a week, with no updates.
'Cash withdrawal' leads to a negative reaction from the community.
Arkham's data indicates that since October 15, the platform has deposited 436.5 million USD Coin into Kraken, followed by 537.6 million USDC transferred from Kraken to Circle.
Moreover, the platform sold a total of 4.19 million Solana tokens (Solana-SOL) worth approximately $757 million, during the period from May 2024 to August 2025.
The Lookonchain report indicated that 'of the total amount, 264,373 Solana tokens were sold directly on the blockchain for $41.64 million, while 3.93 million Solana tokens - approximately $715.5 million - were deposited into Kraken.'
Analysts note that similar cash withdrawals in meme coin projects have historically led to short-term price declines. However, the recent move has sparked a negative reaction from the community.
One user pointed out that the platform had raised over a billion dollars in the past year, while the project had not provided anything for its community, and one user wrote on X: 'No free distributions, no marketing, or even incentives.' Another user criticized the project's performance, stating that the fourth quarter would be the best quarter for the Pump.fun team alone 'and not for any other party,' criticizing founder Alon's claims about the project's performance in the last quarter.
The price of Pump.Fun token has decreased by 4% in 24 hours.
The price of the platform's native currency has been on a downward trend for more than a week, decreasing by 22.77% according to CoinMarketCap data. The price has dropped by 3.97% in the last 24 hours, extending the weekly decline to 24%. The currency is currently trading at $0.0026 at the time of writing this news, which is lower than its price in the private institutional sale round in June, which was $0.004.
Furthermore, the platform recently launched the 'Mayhem Mode' feature - a feature for launching coins based on artificial intelligence technology - but it has not succeeded in significantly improving activity. According to The Block, the number of daily coin launches has only slightly increased from 17,300 to 17,800 after the update, and this calm has contributed to a further decline in investor confidence.
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