Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Pump fun treasury concerns rise as USDC transfers trigger community debate

Pump fun treasury concerns rise as USDC transfers trigger community debate

CoinjournalCoinjournal2025/11/25 16:27
By:Coinjournal
Pump fun treasury concerns rise as USDC transfers trigger community debate image 0
  • Lookonchain reported $436.5 million in USDC moved to Kraken.
  • Project revenue fell to $27.3 million in November.
  • Wallets still held over $855 million in stablecoins and $211 million in SOL.

Pump.fun’s internal fund activity has drawn intense scrutiny after pseudonymous co-founder Sapijiju challenged claims that the project cashed out more than $436 million in stablecoins.

The discussion began when blockchain analytics platform Lookonchain reported that wallets linked to the Solana memecoin launchpad had transferred large amounts of USDC to the crypto exchange Kraken.

The activity raised fears of selling pressure and uncertainty about how the project handled its reserves.

The story quickly spread across X, where users analysed the movement of funds, debated the project’s finances, and questioned the clarity of the explanations offered.

USDC flows tied to internal management

In an X post , Sapijiju said the transfers were part of Pump.fun’s treasury management process and were not sales.

The post said the USDC originated from the PUMP token’s首次发行,was moved between internal wallets to support the company’s runway and reinvestment plans.

The post also stated that Pump.fun had never worked with Circle.

Treasury management typically involves reorganising wallets, allocating capital, and preparing budgets, and does not always indicate selling or liquidation.

Lookonchain’s report said the transfers to Kraken had reached $436.5 million in USDC since mid-October.

The timing drew more attention because Pump.fun’s monthly revenue had fallen to $27.3 million in November, its first drop below $40 million since July, according to DefiLlama.

Despite the concerns, data from DefiLlama, Arkham, and Lookonchain showed that the Pump.fun-tagged wallet still held more than $855 million in stablecoins and $211 million in Solana SOL, which traded at $136.43.

Analysts and community respond

Nansen research analyst Nicolai Sondergaard interpreted the reported transfers as a sign that more selling could follow.

In contrast, EmberCN suggested the activity reflected institutional private placements of the PUMP token rather than active dumping.

The competing interpretations led to a broader review of the token’s performance and project structure.

CoinGecko data showed that PUMP traded at $0.002714, down 32% from its发行价 of $0.004 and almost 70% below its September high of $0.0085.

Currently, PUMP is trading at $0.002738, rising 6.9% in the past 24 hours.

Pump fun treasury concerns rise as USDC transfers trigger community debate image 1 Source: CoinGecko

The price movement added more tension to community discussions as users examined whether the treasury actions aligned with the token’s market conditions.

Across X, multiple posts highlighted the divide in sentiment.

Some users argued that the explanation raised more questions, pointing to inconsistencies and asking for clearer communication.

Others dismissed the statement entirely and linked the treasury activity to concerns about token performance and execution.

A separate group of users said Pump.fun had the right to manage its revenue and reserves as it saw fit.

They described treasury movements as common practice after发行 and said the main issue was whether USDC reserves properly backed the circulating supply.

Treasury structure becomes central issue

As more users examined the fund flows, the debate shifted from selling pressure to the broader structure of Pump.fun’s treasury.

The discussion focused on the scale of reserves, how the project organised its wallets, and whether the team provided enough visibility into its financial management.

The presence of more than $855 million in stablecoins indicated that large amounts of capital remained under project control, but users continued to question the timing, communication, and purpose behind the transfers.

The situation highlighted how treasury management can become a point of market sensitivity, especially when combined with falling revenue, volatile token prices, and community scepticism.

With attention across X still focused on the movements, the conversation has moved toward transparency expectations, reserve backing, and the company’s approach to supporting long-term development.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

General-Purpose AI Versus Specialized Experts: The Pivotal Showdown in E-Commerce

- Perplexity AI and PayPal launch a free AI shopping tool enabling personalized searches and direct purchases from 5,000+ merchants via PayPal integration. - The tool challenges OpenAI's paid Instant Checkout by offering fee-free transactions, though Perplexity remains silent on monetization strategies. - Niche startups like Onton and Daydream argue vertical-specific AI models trained on curated datasets outperform generic tools in fashion and home goods markets. - Legal risks emerge as Perplexity faces Am

Bitget-RWA2025/11/25 20:30
General-Purpose AI Versus Specialized Experts: The Pivotal Showdown in E-Commerce

Bitcoin News Update: Bitcoin Drops 30% Amid ETF Withdrawals and Broader Economic Challenges

- Bitcoin fell nearly 30% from its October peak to $85,100 amid massive ETF outflows and macroeconomic pressures, with U.S. spot Bitcoin ETFs losing $3.79 billion in November alone. - BlackRock's iShares Bitcoin Trust (IBIT) led redemptions at $2.1 billion, while a stronger dollar and Fed policy uncertainty worsened selling pressure in risk-off markets. - Technical indicators show oversold conditions (RSI: 25.47), yet ARK Invest added $39 million to crypto-linked stocks, maintaining a long-term bullish sta

Bitget-RWA2025/11/25 20:30

"Peaceful prospects push oil prices lower, yet Russia's firm position and ongoing attacks continue to unsettle markets"

- Oil prices fell sharply as U.S.-brokered peace talks between Ukraine and Russia raised hopes for lifting Western sanctions on Russian energy exports. - Zelenskiy's potential U.S. visit and revised peace plans contrast with Russia's unconfirmed acceptance and ongoing missile strikes on Kyiv. - Analysts warn of 2M bpd global oil surplus risks by 2026 if sanctions ease, with Russian oil stored in tankers threatening market rebalancing. - European gas prices dropped below €30/MWh while metals markets showed

Bitget-RWA2025/11/25 20:30
"Peaceful prospects push oil prices lower, yet Russia's firm position and ongoing attacks continue to unsettle markets"

Zcash News Today: Regulatory-Ready Privacy Fuels Zcash's Remarkable Surge

- Zcash (ZEC) surged to top Coinbase's November 2025 search rankings, outpacing Bitcoin and XRP amid a 10-fold price spike and $10B+ valuation. - The rise stems from 2024 halving-driven scarcity, 27% shielded transaction adoption, and NU6.1 governance upgrades allocating 20% block rewards to community development. - Regulatory clarity and optional privacy features (via view keys) positioned Zcash as a compliance-friendly alternative to fully opaque coins like Monero after its 2025 exploit. - Analysts debat

Bitget-RWA2025/11/25 20:30
Zcash News Today: Regulatory-Ready Privacy Fuels Zcash's Remarkable Surge