Pump.fun’s massive $436M cash-out turns heads as memecoin mania fades

Zoltan Vardai 2 minutes ago Pump.fun’s massive $436M cash-out turns heads as memecoin mania fades A decline in speculative crypto investor appetite has seen Pump.fun’s revenue fall by 50% since October, raising concerns about more incoming selling pressure. Listen 0:00 16 News COINTELEGRAPH IN YOUR SOCIAL FEED Memecoin launchpad Pump.fun has cashed out more than $436 million in stablecoins since October’s record crypto market crash throttled trading activity and slashed the platform’s monthly revenue. Since Oct. 15, the Solana-based memecoin launchpad transferred $436 million in USDC ( USDC ) stablecoins to cryptocurrency exchange Kraken, signaling the platform’s operators were cashing out, according to blockchain data platform Lookonchain. Pump.fun began transferring millions in stablecoins to the exchange a week after the record $19 billion October crypto market crash had cut speculative appetite among memecoin investors. Source: Lookonchain Pump.fun’s monthly revenue fell below $40 million for the first time since July, dropping to $27.3 million in November, down 53% from September’s $58.9 million, according to data from DefiLlama. Pump.fun, monthly earnings and revenue. Source: DeFiLlama.com Cointelegraph contacted Pump.fun for comment on the reason behind the selling and whether the platform plans future token liquidations. A spokesperson for Pump.fun said the “relevant team” is working on a comment and will respond “when they have the time.” Related: Bitcoin rout continues as crypto treasuries face reckoning: Finance Redefined Is Pump.fun’s revenue still pressured by the dynamics of the $19 billion market crash? Pump’s large-scale transfers triggered criticism among crypto investors, who saw it as a potential precursor for more selling pressure from the platform. Memecoin trading activity had been trending down before the October market crash, which “accelerated” the slowdown, according to Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen. “Retail got burned repeatedly over the past few months, so the drop-off we’re seeing now is a continuation of that,” the analyst told Cointelegraph, adding: “This also isn’t the first time we’ve seen reports of large sell-offs from Pump.fun, so it wouldn’t be surprising if they continued selling from their holdings.” Related: BitMine sits on $3.7B loss as DAT ‘Hotel California’ meets BlackRock’s staked ETH ETF The Pump.fun-tagged cryptocurrency wallet still holds about $855 million worth of stablecoins and $211 million worth of Solana ( SOL ) tokens, according to blockchain data platform Arkham. Pump.fun wallet address, holdings. Source: Arkham The $436 million transfer was likely a withdrawal rather than an immediate sell-off, according to onchain analyst EmberCN, who wrote that the funds came from institutional private placements of the $PUMP token in June at a price of $0.004. “Pump.fun moving like a full-time liquidation machine while everyone else is out here ‘buying dips’ that never stop dipping,” crypto investor SK wrote in an X post. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research # Blockchain # Kraken # Cryptocurrencies # Altcoins # Business # Transactions # Investments # Cryptocurrency Exchange # Tokens # Stablecoin # DeFi # Solana # Cryptocurrency Investment # Companies # Nansen Add reaction