Pump.fun transferred $75 million USDC to Kraken on Nov. 27, bringing total transfers since Nov. 15 to about $480 million. Shortly after the Kraken deposit, ~$69.26 million USDC moved from Kraken to Circle, a pattern observers say is consistent with USDC redemptions. The project denies cashing out and calls the moves routine treasury management of ICO-raised USDC. Critics cite large insider allocations (18% private round; insiders/early buyers held >50% at launch), side‑wallet sales concerns, and ongoing class‑action suits in New York. PUMP trades at $0.00294, down 38% month-to-date; analysts expect further weakness amid high volatility and an Extreme Fear score of 15.

Large on-chain transfers ($75M to Kraken; ~$69.26M from Kraken to Circle) are consistent with USDC redemptions and imply selling pressure; the team’s denial frames the moves as treasury management but does not contradict the on‑chain flow data. Existing large insider allocations and active class‑action suits raise risk to tokenholders. The token is already down 38% MTD with analysts expecting further weakness and volatility.