Derived from 币界网, Pump.fun, a Solana-based memecoin launchpad, has transferred $436.5 million in USDC to Kraken, raising concerns over potential cash-outs amid a broader 190 billion market downturn. Blockchain analysts have linked the transfers to declining liquidity in the memecoin sector and a 53% drop in Pump.fun’s monthly revenue to $27.3 million in November. The company denies selling tokens, stating the move is part of fund reallocation. However, the timing has intensified scrutiny over its financial transparency. Pump.fun holds $855 million in stablecoins and $211 million in Solana, but any further large transfers could trigger market anxiety. Critics highlight the platform’s concentrated token supply, with 55% held by insiders, and its recent legal troubles, including multiple class-action lawsuits in New York. The platform’s token price has fallen 24% in a week, trading below its private sale price of $0.004. Pump.fun has remained silent on its official X account for over a week, fueling governance concerns.
Pump.fun Transfers $436.5M USDC Amid Market Downturn and Legal Scrutiny
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