Investors are losing confidence in Pumpfun, a cryptocurrency project that has seen its token value plummet amid reports of significant treasury transfers. Recent on-chain data reveals massive USDC withdrawals from the platform’s wallet, fueling speculation about potential insider selling. 75 million USDC were sent to Kraken in just eight hours, part of a larger sum totalling nearly 480 million USDC withdrawn from wallets associated with initial coin offerings (ICOs). While Pumpfun’s team claims these transfers are routine and for long-term project development, the timing coincides with a sharp decline in user activity and revenue. This has intensified skepticism regarding the project’s future direction and led to heightened concerns about whether the project is actually addressing sell pressure by strategically deploying funds or simply exacerbating it.