Pump.fun, the Solana-based meme coin launch platform, has been linked to a reported outflow of $436.5 million in USDC, according to on-chain data shared this week. The transfers, allegedly directed to the exchange Kraken between mid-October and late November, sparked concerns among traders as the platform’s official channels have slowed communication.
Despite the reaction, Pump.fun remains one of Solana’s most active revenue drivers, generating fees from thousands of token launches. Analysts note that large withdrawals can reflect treasury management linked to earlier private sales and accumulated platform revenue. Still, the lack of updates has amplified speculation at a moment when the platform’s native token, PUMP, has shown downward price pressure over recent days.
Pump.fun has not yet issued an official clarification but is expected to communicate through its X account, where users are calling for a statement on the reported transfers.
Source: https://x.com/EmberCN/status/1992775241979097182
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