Significant whale activity on Pump.fun has sparked discussions regarding the Solana (SOL) network, following substantial USDC transfers. Lookonchain reported a $50 million cash-out, with 617.5 million USDC deposited into Kraken and 1.1 billion USDC sent to Circle. Between May 2024 and August 2025, Pump.fun sold 4.19 million SOL, amounting to $757 million, including 264,373 SOL on-chain for $41.64 million. Joestar has linked these USDC movements to the ICO wallet, suggesting a consolidation of treasury funds. Over the past six months, Pump.fun has seen consistent USDC inflows without any outgoing transactions, indicating potential fund management strategies. Additionally, Pump.fun deposited 3.93 million SOL into Kraken, yet the $PUMP token price has remained stable despite these activities.