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X accounts for Solana-based meme coin launchpad Pump.fun, its co-founder, Alon Cohen, and several other prominent meme coin platforms have been suspended. The decision has created fresh debate over X’s stance on crypto and brought new focus to ongoing concerns about the meme coin ecosystem.
While X has not provided specific details, affected accounts include trading tools such as GMGN, BullX, and Bloom Trading, as well as the AI agent platform Eliza OS.
On Monday, users discovered that the official X handles for Pump.fun and Alon Cohen displayed a suspension notice, stating only that they violated X rules. Other suspended accounts include those tied to Solana trading tools and meme coin projects.
GMGN announced on Telegram that it is appealing the ban and is working with X to restore access. BullX also reported that mass reports may have played a role in its account’s removal, though it had recently been the subject of viral rumors regarding a potential shutdown.
Despite the suspensions, all main platforms remain operational. There has been no impact on users' ability to create or trade meme coins on Pump.fun or similar launchpads. The lack of official communication from X has fueled speculation across social media, with some users attributing the bans to possible API misuse and broader worries about the risks posed by meme coin launches.
Some industry observers have speculated that the suspensions might be due to unlicensed use of X's APIs. In January 2023, X imposed severe restrictions on access to the API, making its use with a legitimate subscription prohibitively expensive. There is a view that potentially affected platforms could have utilized some external APIs to evade these fees and thus are subject to enforcement.
Some have argued that recent reports of possible Securities and Exchange Commission investigations into Pump.Fun might have pressured X to act. However, no official SEC notice has been issued regarding the platform.
The development is part of the rapidly growing concerns surrounding meme coin launchpads on Solana. In the last few months, the sector has witnessed controversial marketing methods, such as staged self-harm and threats during live streams designed to boost meme coin prices. A notable example involved a developer pretending that he was dead, but this turned out to be a publicity stunt.
Also Read: Crypto Prices Today: Bitcoin Price Holds at $106K, Ethereum Up 1.26%, Solana Leads with 7.07% Surge
Pump.fun has also been criticized because it facilitates the ease of launching and marketing coins with minimal oversight. In January, the platform was named in a proposed class-action lawsuit alleging that it offered unregistered securities and generated nearly $500 million in fees from highly volatile tokens.
The lawsuit is still pending, and no formal regulatory action has been taken. Meanwhile, recent reports claim Pump.fun is planning to raise $1 billion at a $4 billion valuation, further intensifying scrutiny.
The suspension of accounts associated with Solana meme coin exchanges, along with legal and regulatory concerns, has renewed a discussion on the dangers of unregulated meme coin trading. Although Pump.fun and similar services are still active, things remain volatile as both regulators and social media platforms consider their next steps.
