1inch and Pump.fun Make Major Withdrawals, Stir Crypto Markets

1inch withdrew $3.71M in tokens from Binance, signaling strategic moves. Pump.fun cashed out $436.5M USDC, with its PUMP token dropping over 22% amid community criticism and declining activity.

The 1inch team has withdrawn $3.71 million worth of 1INCH tokens from Binance, moving 20 million tokens over 14 hours at an average price of $0.1856. This action leaves the team with 111 million 1INCH tokens, valued at about $20.34 million, a significant share of the circulating supply. The withdrawal is interpreted as a strategic move, possibly for long-term holding, ecosystem development, or showing confidence in future price appreciation. Despite the large transaction, the token price remained stable, indicating market confidence. Meanwhile, Pump.fun, a Solana-based meme coin launchpad, has withdrawn $436.5 million USDC since October 15, with $405 million moved to Kraken in the past week. These funds are linked to a June private sale of PUMP tokens to institutions. The PUMP token has dropped over 22% in the past week, now trading below its private sale price. The project has also sold 4.19 million SOL, worth $757 million, with most deposited into Kraken. Community criticism has grown due to lack of communication, incentives, and declining platform activity.