tl;dr
On June 16, X suspended the official Pump.fun account, its founder Alon Cohen's personal handle, and dozens of other memecoin-related accounts for unknown reasons. The suspensions affected accounts linked to the memecoin sector, including trading communities and bot developers. The cause of the susp...
On June 16, X suspended the official Pump.fun account, its founder Alon Cohen’s personal handle, and dozens of other memecoin-related accounts without any provided explanation. This sweep affected a wide array of profiles, including key trading communities like GMGN and Bloom, as well as bot developers and influencers connected to the Solana memecoin ecosystem.
Users observed the suspended accounts returning “user not found” errors around 7:30 p.m. UTC, effectively cutting off crucial communication channels for the Pump.fun platform. Some speculation suggested an internal enforcement sweep rather than coordinated mass-reporting, potentially related to concerns about platform manipulation or spam due to the nature of services these accounts provided, such as automated order routing and marketing for on-chain assets.
In the immediate aftermath, memecoins referencing the suspension event and the founder’s alias experienced a surge in trading activity. Within just one hour, these tokens generated over $10 million in volume, dominating the top trending tokens of the day. Notably, 15 out of 31 memecoins that completed Pump.fun’s bonding curve on that day were related to the suspension episode, representing 9% of all memecoin graduations, illustrating the significant market impact of the account bans.