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Pumpfun Disputes Lookonchain’s Allegations Over $436.5M USDC Transfers

Pumpfun Disputes Lookonchain’s Allegations Over $436.5M USDC Transfers

Despite Lookonchain’s claims of $500M SOL sales contributing to the price crash, Pump.fun denies recent selling, attributing large USDC transfers to treasury management from ICO proceeds.

SOL
USDC

Fact Check
The evidence strongly and consistently supports the statement that Pump.fun disputed Lookonchain's allegations. Multiple independent sources corroborate the key elements of the claim. One highly relevant social media source from a Solana-focused news account directly states that Pump.fun denied Lookonchain's claims, labeling them as misinformation and providing an alternative explanation for the transfers as internal treasury management. This serves as a primary source for the dispute itself. This account is reinforced by two other news sources. One crypto analytics site explicitly mentions Lookonchain's analysis and Pump.fun's response, while another news article reports that the Pump.fun team issued a direct public statement calling the claims into question in response to Lookonchain's report. While one source from CoinMarketCap confirms the large transfer, it does not mention the dispute, making it neutral to the core claim. Another source was deemed entirely irrelevant. There are no contradictions in the evidence provided. The cumulative weight of multiple, consistent sources, including a primary account of the denial, makes the statement highly likely to be true.
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Summary

On-chain analytics platform Lookonchain alleged that meme coin launchpad Pump.fun sold 4.19 million SOL worth $757 million since May 2024, including deposits of 3.93 million SOL into Kraken and cashing out 436.5 million USDC since October. The report linked these movements to heavy selling pressure on Solana’s price, which fell from $220 in October to $120, despite $568.24 million net inflows into six newly launched Solana ETFs. A Pump.fun spokesperson, Sapijiju, denied recent SOL sales and described the USDC transfers as internal treasury management from ICO proceeds, stressing no link to Circle. As of press time, Solana trades at around $138, up nearly 4% in 24 hours.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin used for cryptocurrency transactions.
  • ICO: Initial Coin Offering, a fundraising mechanism in which new projects sell their underlying cryptocurrency tokens to investors.
  • ETF: Exchange-traded fund, an investment fund traded on stock exchanges, which holds assets such as stocks or cryptocurrencies.