Pump.fun-Linked Wallet Moves $148 Million in Stablecoins to Kraken

Overview

• A wallet associated with Pump.fun deposited about $148 million in USDC and USDT to Kraken on Jan. 13, according to on-chain analysis.
• Tracked transfers to Kraken from wallets tied to PUMP sale proceeds have reached roughly $753 million since Nov. 15.
• Past deposits were in some cases followed by movements toward Circle-related addresses, indicating possible redemptions or internal treasury steps.
• Neither Pump.fun nor Kraken has commented on the purpose of the latest transfer, and Pump.fun has previously described similar movements as routine treasury management.
• The activity comes as Pump.fun outlines changes to its fee incentives and awaits a ruling this month in an amended civil lawsuit alleging racketeering and insider trading.