Pump.fun Transfers $75M USDC to Kraken Amid Token Price Decline

TLDR

• Pump.fun transferred another $75 million USDC to Kraken on Nov. 27, bringing total deposits to $480 million since Nov. 15
• The team denies cashing out, stating transfers are part of treasury management using funds from their initial coin offering
• PUMP currently trades at $0.00294, down 38% over the past month
• Shortly after the $75 million deposit, $69.26 million USDC moved from Kraken to Circle, suggesting possible redemptions
• Pump.fun faces class-action lawsuits in New York over alleged unregistered token sales

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Pump.fun moved $75 million in USDC to Kraken on Nov. 27. The transfer has renewed questions about the project’s recent stablecoin activity.

According to blockchain analyst EmberCN, the team has deposited roughly $480 million to the exchange over 12 days. All funds came from initial coin offering proceeds.

The latest transaction followed a familiar pattern. After the $75 million reached Kraken, about $69.26 million USDC transferred from the exchange to Circle. Circle is the company that issues USDC.

This sequence matched earlier movements reported on Nov. 24. At that time, $405 million reached Kraken and roughly $466 million left for Circle soon after.

Analysts say these movements often align with USDC redemptions. That’s why observers flagged the activity immediately.

Co-founder Sapijiju previously denied cash-out allegations. He stated the transfers were routine treasury management, not fund withdrawals.

He emphasized that Pump.fun has never worked directly with Circle. He said none of the flows represented a cash-out.

Token Structure Under Fire

The USDC raised from the ICO was being redistributed across wallets. The funds support operations and future developments, according to Sapijiju.

The project has faced criticism over its token structure. The private round allocated 18% of PUMP’s one-trillion supply to investors at $0.004. This raised an estimated $720 million.

Insiders and early buyers held more than half of the supply when trading went live. Community members said this distorted market conditions at launch.

Pump.fun has generated over $910 million in revenue since launch, according to Dune Analytics. However, the platform has seen a recent slowdown.

Legal Challenges Mount

Revenue dropped from $136 million in January to $38 million recently. This indicates declining user activity on the platform.

The project faces class-action lawsuits in New York. The suits allege unregistered token sales and misleading statements about potential profits.

Lookonchain reported the platform had sold $757 million in SOL between May 2024 and August 2025.

PUMP reached a high of $0.00898 following its ICO in August. The token has fallen steeply since then.

Coincodex analysts predict further weakness through December. They cite high volatility and an Extreme Fear score of 15 on the Fear & Greed Index.

Despite positive developments like the Project Ascend program and institutional adoption by Fitell Corporation, the token’s price continues to decline. The program changed fee structures to encourage creators in September.

PUMP currently trades at $0.00294 at press time.

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