Pump.fun Moves $436M in Stablecoins as Memecoin Revenue Collapses

Pump.fun, the Solana-based launchpad powering much of the memecoin frenzy, has been quietly offloading hundreds of millions in stablecoins following October’s massive market collapse.

Blockchain data shows that since Oct. 15, the platform has moved roughly $436 million in USDC to Kraken – a pattern that strongly suggests the team has been cashing out amid a sharp drop in speculative activity.

It appears https://t.co/C909I8882s has cashed out at least 436.5M $USDC since Oct 15.

Since Oct 15, https://t.co/C909I8882s has deposited 436.5M $USDC into#$Kraken.

During the same period, 537.6M $USDC flowed from #Kraken to #Circle through wallet DTQK7G.

Between May 19, 2024… pic.twitter.com/WQGnUcA8l4

— Lookonchain (@lookonchain) November 24, 2025

The transfers began roughly a week after the record $19 billion market wipeout, which crushed risk appetite across the memecoin sector. Trading volumes plunged, user activity thinned, and Pump.fun’s revenue followed the trend. After months of blockbuster growth, the platform’s monthly income slid to $27.3 million in November, down more than 50% from its September peak of nearly $59 million, according to DefiLlama data.

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The scale of the withdrawals drew immediate criticism. Traders speculated that the large outflows could foreshadow more selling pressure or signal that the platform was bracing for prolonged weakness. Analysts say the downturn didn’t start with the crash – retail interest had already been fading. But the October sell-off accelerated the decline dramatically.

Nansen researcher Nicolai Sondergaard noted that many retail traders “got burned repeatedly,” making the current slowdown a natural extension of months of fading momentum. He added that this isn’t Pump.fun’s first sizable sell-down, so further liquidations wouldn’t be surprising.

Despite the outflows, Pump.fun’s wallet remains heavily funded. Data from Arkham shows it still holds around $855 million in stablecoins and roughly $211 million in Solana. Some analysts suggest the recent $436 million transfer was likely tied to June’s private placements for $PUMP, where tokens were sold at $0.004 – meaning the move may have been a withdrawal rather than market selling.