In a surprising twist of fate, Elon Musk-backed X suspended an account belonging to Pump.fun, the leading Solana (SOL)-based launchpad on Monday, June 16. The social media platform also suspended accounts associated with leaders of the Pump.fun platform on Monday, including the founder Alon.
The suspension of the Pump.fun X account triggered mixed reactions from the crypto community. While some were disappointed with the closure, some applauded the move as it will reduce crazy speculation and give a chance to utility coins.
The official reasons why X account belonging to Pump.fun was suspended had not been released at the time of this writing. However, research suggests that Pump.fun uses unauthorized third-party X APIs or black-market X trackers to attract more users.
Another possible reason for X account suspension was a potential misuse of the Live Stream feature, which has been controversial in the past year. The X accounts associated with Pump.fun were also likely suspended due to potential fraudulent activities, which include autorug.
Meanwhile, a potential incoming regulatory scrutiny by the U.S. SEC could have led to the suspension of the X account belonging to Pump.fun. However, there was no official confirmation from the SEC on an investigation on Pump.fun yet.
The suspension of the pump.fun’s X account will significantly disorient its short-term market outlook. Moreover, the memecoin launchpad has plans to roll out its native token, with a planned airdrop to early users. Meanwhile, other memecoin launchpads will heavily benefit from the Pump.fun’s headwinds. As a result, the Pump.fun revenues are likely to significantly drop in the coming days amid sentiment shift.
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