There's an interesting phenomenon worth noting—Pumpfun has been actively transferring assets on Kraken recently. According to on-chain data monitoring, this project transferred another 50 million USDC to Kraken in the past 10 hours, all of which were funds raised through ICO sales.

What’s more notable is the time span. Starting from mid-November, Pumpfun has transferred a total of 605 million USDC to Kraken in less than two months. That’s quite a substantial figure.

From an investment perspective, the situation is a bit disheartening—Pumpfun conducted an institutional ICO in June this year, with a price of $0.004 per token. And now? The price of PUMP has dropped to $0.0018. In other words, from the ICO price to now, it has directly fallen by 55%, marking a typical case of a failed launch.

This combination of large fund transfers and token devaluation indeed sends some signals to the market. Whether the project team is adjusting their strategy or there are other considerations, it’s too early to tell. But for those tracking project developments, such on-chain movements are always worth paying attention to.