According to Cryptonewsland, the Pump.fun team moved $436.5 million in USDC since mid-October, raising concerns over transparency. The PUMP token price dropped 24%, falling below the June private sale price of $0.004. On-chain analyst EmberCN reported that 405 million USDC was transferred to Kraken last week, with 466 million USDC subsequently flowing to Circle. Community members criticized the lack of airdrops, marketing, and incentives, while platform activity has declined, with daily active wallets dropping below 100,000. Pump.fun also faces class-action lawsuits in New York over unregistered tokens and misleading statements.
PUMP Price Drops 24% Amid $436M USDC Exit by Pump.fun Team
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