On-chain data shows that the recent fund movements of the pump.fun project team are quite interesting. On January 13, the team transferred another $148 million in stablecoins to Kraken. This is not a spur-of-the-moment decision — since mid-November last year, they have transferred a total of 753 million USDC and USDT obtained from the June ICO sale of PUMP tokens to this exchange over just two months.

Such frequent and large transfers to an exchange undoubtedly reveal the true intentions of the project team. Continuous outflows of funds from Kraken usually indicate either they are looking for an exit opportunity or preparing for upcoming market actions. For investors following this project, these on-chain signals often speak louder than any official announcements.