The meme coin issuance platform Pump.fun has cashed out over $436 million in stablecoins since the record-breaking cryptocurrency market crash in October suppressed trading activity and reduced the platform's monthly revenue.
Since October 15, the Solana-based meme coin issuance platform has transferred $436 million in USDC stablecoins to the cryptocurrency exchange Kraken, indicating that the platform's operators are cashing out, according to blockchain data platform Lookonchain.
A week after the record-breaking $19 billion cryptocurrency market crash in October weakened the speculative appetite of meme coin investors, Pump.fun began transferring millions in stablecoins to the exchange.
According to DefiLlama, Pump.fun's monthly revenue has fallen below $40 million for the first time since July, dropping to $27.3 million in November, a 53% decrease from $58.9 million in September.
Cointelegraph reached out to Pump.fun to inquire about the reasons behind the sales and whether the platform plans future token liquidations. A spokesperson for Pump.fun stated that the "relevant team" is preparing comments and will respond "when they have time."
Pump's large-scale transfers have sparked criticism from cryptocurrency investors, who believe this could be a sign of further selling pressure from the platform.
According to Nicolai Sondergaard, a research analyst at the crypto intelligence platform Nansen, meme coin trading activity had already been on a downward trend before the October market crash, and the crash "accelerated" this slowdown.
"Retail investors have been frustrated over the past few months, so the decline we are seeing now is a continuation of that trend," the analyst told Cointelegraph, adding:
According to blockchain data platform Arkham, the cryptocurrency wallets marked by Pump.fun still hold approximately $855 million in stablecoins and $211 million in SOL tokens.
On-chain analyst EmberCN stated that the $436 million transfer could be withdrawals rather than immediate sell-offs, noting that these funds came from an institutional private placement of $PUMP tokens at a price of $0.004 in June.
"Pump.fun operates like a full-time liquidation machine, while others are here 'buying the dip,' but the bottom has never stopped falling," crypto investor SK wrote in a post on X.
Related: Coinbase "doubles down" on Solana through latest DEX acquisition
Original article: “As the Memecoin Craze Fades, Pump.fun's $436 Million Cash-Out Draws Widespread Attention”
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