Pump.fun, a Solana-based memecoin launchpad, has transferred over $436 million in USDC to Kraken since mid-October, according to Lookonchain data. This move follows a significant market crash on October 15 that heavily impacted the memecoin sector. Pump.fun's revenue fell to $27.3 million in November, marking a 53% drop from September's $58.9 million, as reported by DefiLlama. The October crash is believed to have accelerated a decline in memecoin trading momentum, with analysts pointing to repeated retail losses as a factor in shifting market sentiment. Despite the transfers, onchain data from Arkham reveals that Pump.fun-linked wallets still hold $855 million in stablecoins and $211 million in Solana. Analyst EmberCN suggests the transferred funds likely originated from June's PUMP token private placements, and traders are monitoring whether further fund movements will occur.