Pump.fun Co-Founder Denies $436M Cash-Out Claims, Cites Internal Transfers

Core Viewpoint - Pump.fun's co-founder Sapijiju has refuted allegations of a $436 million cash-out, asserting that the transfers were routine treasury movements rather than sales [4][9]. Group 1: Allegations and Responses - The controversy arose after Lookonchain reported that wallets associated with Pump.fun transferred hundreds of millions in stablecoins to Kraken, interpreted as a liquidation [3]. - Sapijiju clarified that the USDC involved originated from the PUMP token's ICO and was redistributed for managing the company's operational needs [4][5]. - The co-founder emphasized that these treasury management activities do not indicate selling pressure [5]. Group 2: Financial Performance and Treasury Status - Pump.fun's monthly revenue decreased to $27.3 million in November, falling below $40 million for the first time since July [5]. - On-chain data indicates that Pump.fun still holds over $855 million in stablecoins and approximately $211 million in Solana (SOL), suggesting a substantial treasury remains intact [6][9]. Group 3: Community and Analyst Reactions - Analysts and community members are divided regarding the explanation, with some suggesting the transfers could lead to further selling, while others argue the funds were from institutional placements [7]. - Criticism arose from users who found Sapijiju's statements unclear, pointing out contradictions in his claims about treasury management [8]. - Some community members accused the project of poor token execution and price manipulation, noting that PUMP is trading significantly below its ICO price and September peak [8].