Pump.fun, the leading memecoin launchpad on Solana, is under renewed scrutiny after onchain data showed more than $436 million in stablecoins were moved to Kraken during a period of falling revenue and weakening sentiment.
The transfers follow October’s record market crash, which erased speculative momentum across the memecoin ecosystem and pushed $PUMP down more than 72% from its September peak.
Blockchain tracker Lookonchain reported that Pump.fun-linked wallets transferred $436 million in USDC to Kraken beginning on October 15. The movements took place roughly one week after the $19 billion crypto liquidation shock that disrupted Solana’s trading flows and sent memecoin volumes sharply lower.
Revenue drops to its lowest level since July
Data from DeFiLlama shows that Pump.fun’s monthly revenue fell to $27.3 million in November, down 53% from September’s $58.9 million. It marks the first time since July that earnings dipped below $40 million.
According to Nansen research analyst Nicolai Søndergaard, memecoin trading activity had already softened before October’s crash. The market breakdown simply accelerated an existing decline in retail appetite.
Platform still holds more than $1 billion in assets
Despite the sharp outflows, Pump.fun-related wallets still control substantial assets:
• $855 million in stablecoins
• $211 million in SOL
These sizeable holdings add to speculation that more transfers could occur, depending on treasury strategy and overall market conditions. Pump.fun has not provided detailed guidance but has indicated that an official comment is forthcoming.
Uncertainty around the airdrop weighs on sentiment
A prolonged delay in the long-anticipated airdrop has become a central frustration for many holders. Although the team has referenced the airdrop on several occasions, no confirmed date or eligibility criteria have been published. This lack of clarity has intensified bearish sentiment during $PUMP’s decline.
Supporters argue that Pump.fun maintains a dominant 75 to 80% share of Solana’s memecoin launch market and say that there is no concrete evidence of the team selling tokens. They point to recent buyback activity and continued platform usage as signs of operational strength.
However, the combination of declining revenue, large transfers, and no communication on the airdrop has weighed heavily on confidence.
Pump.fun responds to the allegations
Following Lookonchain’s report, Pump.fun's team issued a direct public response calling the claims inaccurate. In their statement, the team wrote:
“Complete misinformation from Lookonchain again. Zero dollars have been cashed out. We are not involved in the transactions between Kraken and Circle that we are being accused of.”
Pump.fun clarified that the USDC movements were part of routine treasury operations:
“The transfers relate to treasury management. USDC from the PUMP ICO has been distributed across wallets so the company’s runway can be reinvested into the business. Pump has never directly worked with Circle.”
This response aims to distance Pump.fun from suggestions of mass team selling or coordinated offloading. Whether the clarification stabilizes sentiment remains to be seen, as investors continue to evaluate both treasury actions and the project’s communication strategy.
