Pump.fun, a Solana-based meme coin project, has been accused of engaging in token dumping following significant USDC transfers to Kraken worth $480 million between November 15th and 27th, 2025. These allegations have led to market concerns about the potential for price manipulation. The project’s co-founder, Sapijiju, denies these accusations, claiming that the transfers are part of a treasury management strategy, redistributing funds from previous ICO investments to support current operations and new ventures. However, investors remain cautious due to the sharp drop in PUMP token value, which has reportedly fallen by approximately 38% in November. This market unrest has fueled speculation about Pump.fun’s intentions and financial management practices. The project is currently under scrutiny from the community and market analysts. Despite the controversies surrounding it, developers continue to make progress, highlighting Pump.fun’s resilience amidst these challenges.