Catenaa, Saturday, November 29, 2025-Pump.fun co-founder Sapijiju has denied claims that the Solana-based memecoin platform cashed out over $436 million in USDC, calling the allegations “complete misinformation” following reports by blockchain analytics firm Lookonchain.
The dispute arose after Lookonchain identified large USDC transfers from Pump.fun-linked wallets to crypto exchange Kraken since mid-October.
Critics interpreted the activity as a major liquidation.
Sapijiju countered, saying the transfers were routine treasury movements tied to the $PUMP token’s initial coin offering and used to manage the company’s runway and operational needs.
Pump.fun’s on-chain holdings remain substantial, with more than $855 million in stablecoins and approximately $211 million in Solana (SOL).
Analysts remain divided over the interpretation. Some suggest the movements could signal future selling, while others argue they reflect internal fund management rather than market exits.
Community discussion highlighted perceived inconsistencies in the co-founder’s explanation, with some users pointing out contradictions between denying exchange involvement and describing internal treasury movements.
Despite the controversy, Pump.fun continues to expand its ecosystem. In July, the platform acquired Kolscan, a wallet tracking and analytics tool, integrating it with Pump.fun’s social trading features.
The acquisition aims to enhance transparency, wallet tracking, and copy-trading functionality while making Kolscan services free to users.
The project’s social trading model and analytics expansion have attracted tens of thousands of users. Pump.fun said its treasury strategy supports long-term operations rather than immediate sales, even as the PUMP token trades roughly 32% below its ICO price and 70% below its September peak.
