A decline in speculative crypto investor appetite has seen Pump.fun’s revenue fall by 50% since October, raising concerns about incoming selling pressure.
Memecoin launchpad Pump.fun has reportedly cashed out more than $436 million in stablecoins since October’s record crypto market crash throttled trading activity and slashed the platform’s monthly revenue.
Since Oct. 15, the Solana-based memecoin launchpad transferred $436 million in USDC (USDC) stablecoins to cryptocurrency exchange Kraken, signaling the platform’s operators were cashing out, according to blockchain data platform Lookonchain.
Pump.fun began transferring millions in stablecoins to the exchange a week after the record $19 billion October crypto market crash had cut speculative appetite among memecoin investors.
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