Overview
- On-chain analysis by EmberCN identified roughly 405 million USDC sent to Kraken over the past week, followed by about 466 million USDC moving from Kraken to Circle that was described as likely redemptions.
- Additional trackers cited by CoinCentral showed deposits totaling about 436.5 million USDC to Kraken since Oct. 15, with roughly 537.6 million USDC flowing from Kraken to Circle over that span.
- The scale of the transfers echoes Pump.fun’s June private placement, which sold 18% of the 1 trillion-token supply to institutions at $0.004 for an estimated $720 million, and analysts have said insiders held about 55% at launch.
- PUMP traded near $0.0026 after falling roughly 23–24% in a week and about 35% over a month, with Coincodex projecting a potential slide toward $0.001929 by Dec. 23.
- The project reports about $908 million in token-factory revenue as user activity declines and it faces multiple New York class-action suits alleging unregistered sales and misleading statements.