Pump.fun Moves $436M USDC Due to Revenue Drop

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Pump.fun's $436M USDC Transfer: Mystery, Speculation, and Revenue Slump

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 25, 2025

Key Takeaways

Pump.fun’s co-founder denied claims of a $436 million stablecoin withdrawal by saying the USDC transfers were internal ICO treasury movements;
On-chain data showed Pump.fun wallets still hold over $855 million in stables and $211million in SOL, even as monthly revenue dropped from $40 million to $27.3 million;
Analysts debated whether the transfers signaled future sales or normal ICO allocations, while users questioned inconsistencies in the co-founder’s remarks.

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Pump.fun's $436M USDC Transfer: Mystery, Speculation, and Revenue Slump

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A pseudonymous co‑founder of Pump.fun, known as Sapijiju, rejected recent claims that the platform withdrew over $436 million in stablecoins.

The co‑founder stated in a post on X that the USDC transactions stemmed from the platform's ICO and were conducted through the internal treasury rather than as sales.

Sapijiju also clarified that no funds had been sold, and Pump.fun did not interact directly with Circle.

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This clarification came after Lookonchain, a blockchain analytics firm, reported that wallets linked to Pump.fun transferred $436 million in USDC to Kraken $504.62M since October.

Meanwhile, DeFiLlama data showed a drop in the platform's monthly revenue, from over $40 million to roughly $27.3 million in November.

DefiLlama, Arkham, and Lookonchain all showed that Pump.fun's wallet still held more than $855 million in stablecoins, as well as about $211 million in Solana SOL $123.92 .

The timing of these on-chain transfers sparked discussion among analysts. Some believed they could reflect future sales, while others argued that these were institutional allocations from the ICO rather than open-market sales.

Some users questioned potential inconsistencies in Sapijiju's statements. However, one X user stated that Pump.fun is allowed to transfer treasury funds as they see fit, and that such allocations are normal for project growth.

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