Pump.fun, the Solana-based memecoin launchpad, has transferred more than $436 million in USDC to Kraken since mid-October, according to data from Lookonchain.
The transfers began roughly a week after the record $19 billion market crash on Oct. 15. This drop sharply reduced trading appetite across the memecoin sector and hit the platform’s income.
Sharp Decline in Pump.Fun Monthly Revenue
Pump.fun’s monthly revenue fell to $27.3 million in November, marking its weakest month since July and a 53% decline from September’s $58.9 million, based on figures from DefiLlama. The slowdown had already begun earlier in the fall, but October’s crash pushed the trend forward at a much faster pace.
Many traders noticed this downturn on social platforms and argued that Pump.fun’s large transactions to Kraken is important. Analysts have said that memecoin trading has been losing momentum for months, and the heavy selling that followed the October crash did little to restore confidence.
Nicolai Sondergaard, a research analyst at Nansen, said the shift in sentiment is because of repeated losses among retail traders in recent months. He explained that the October crash simply sped up a decline that was already happening.
Sondergaard also noted that previous periods had seen large transfers from Pump.fun-linked wallets. So, more fund movements from the platform in the future would not be surprising.
Large Holdings Remain Untouched So Far
Data from Arkham shows that a wallet associated with Pump.fun still holds around $855 million in stablecoins and roughly $211 million in Solana. This indicates that the recent transfers represent only a portion of the platform’s assets.
Onchain analyst EmberCN wrote that the $436 million moved to Kraken likely came from private placements of the PUMP token in June, priced at $0.004. According to the analyst, the transfer seemed to be a withdrawal rather than an immediate sale.
Still, the moves have sparked debate among traders. One investor, known as SK, commented on X that Pump.fun appeared to be offloading holdings while others continued trying to “buy dips” in a market that has struggled to find steady ground.
Observers are watching closely to see if Pump.fun continues to move funds or slows its activity in the near future.