On-chain analytics platform Lookonchain reported that the memecoin launchpad Pump.fun deposited an additional $148.48 million in stablecoins into the Kraken exchange over a seven-hour period on January 13, 2026. This latest transfer brings the platform's total stablecoin deposits to Kraken to a staggering $844.8 million since October 15, 2025.
The funds are reportedly proceeds from the PUMP token's initial coin offering (ICO). Analysis suggests these consistent, large-scale transfers are part of Pump.fun's treasury management strategy, using Kraken as a liquidity bridge. Notably, during the same period, 1.35 billion USDC flowed from Kraken to a wallet linked to Circle (wallet DTQK7G), indicating a broader strategy involving stablecoin conversions or redemptions through the issuer's platform.
Despite the massive movement of funds, which market watchers speculated could lead to selling pressure, the PUMP token itself gained 5.8% on the day, trading at approximately $0.0025. The token found strong support at $0.0020 after a recent correction and showed signs of bullish momentum, with its Relative Strength Index (RSI) climbing to 56. Trading volume also surged 35% to $243 million.
Pump.fun's underlying financial metrics remain robust, with platform revenue holding steady at around $1.59 billion and network fees reaching $913 million. The team has stated it has not yet cashed out any of the transferred funds, maintaining that the impact on the market is currently neutral. However, analysts caution that if the funds are eventually sold on the open market, it could introduce significant downside pressure for PUMP and related assets.
