PANews reported on November 24th that, according to on-chain analyst Yu Jin, the pump.fun project transferred 405 million USDC to Kraken in the past week. Then, during the same period, 466 million USDC were transferred from Kraken to Circle, which likely represents a withdrawal.

This money came from pump.fun's private sale of PUMP to institutional investors in June, at a price of $0.004 (which has since fallen below the initial offering price).