Memecoin launchpad Pump.fun has withdrawn more than $436 million in stablecoins following October’s major crypto market crash, a downturn that has cut speculative trading activity and slashed the platform’s monthly revenue. Blockchain data from Lookonchain shows that since October 15, Pump.fun transferred the funds in USDC to the crypto exchange Kraken, indicating that the team may be cashing out significant reserves.
The large withdrawals began about a week after October’s record $19 billion market crash, which drastically reduced appetite for high-risk memecoins. According to DeFiLlama data, Pump.fun’s monthly revenue fell to $27.3 million in November—its lowest level since July and a 53% decline from September’s $58.9 million.
Pump.fun has yet to publicly clarify the reason behind the transfers. When reached for comment, a platform spokesperson said the “relevant team” would respond when available.
Concerns Rise Over Future Selling Pressure
The sharp decline in revenue and the scale of the recent transfers have raised concerns among crypto investors. Many fear the transactions could signal more selling pressure in the near future. Nicolai Sondergaard, an analyst at Nansen, said memecoin activity was already slowing before the October crash, with retail traders repeatedly getting “burned.” The downturn simply accelerated that decline.
Sondergaard also noted that this isn’t the first time Pump.fun has been linked to significant sell-offs, pointing out that similar activity has been reported in the past. This has added to speculation that more liquidations may follow.
Data from Arkham shows Pump.fun’s tagged wallet still holds about $855 million in stablecoins and around $211 million in Solana tokens. Onchain analyst EmberCN suggested the recent $436 million transfer was likely a withdrawal rather than an immediate sell-off. The funds reportedly originated from private allocations of the $PUMP token in June, priced at $0.004.
Meanwhile, market observers criticized the scale and timing of the transfers. As crypto investor SK commented, “Pump.fun moving like a full-time liquidation machine while everyone else is out here ‘buying dips’ that never stop dipping.’”
