X suspends Pump.fun and memecoin accounts with no official explanation.
Elon Musk’s social media platform X suspended over 20 memecoin-related accounts on Monday, including the Solana-based launch platform Pump.fun and the personal account of its co-founder, Alon Cohen. No official explanation was provided, with X simply stating that it suspends accounts that violate its rules.
Other affected accounts include those linked to crypto trading platforms GMGN, BullX, Bloom Trading, and the AI-based tool Eliza OS.
Despite the lack of transparency, the crypto community quickly took notice, with speculation spreading rapidly.
Theories range from unauthorized livestreams or API misuse to potential involvement in pump-and-dump schemes or early regulatory intervention — though none have been confirmed.
Pump.fun’s X account was previously hacked in February 2025 to promote a fake governance token, raising concerns about its operational security. However, the platform’s website remains fully operational, continuing to launch Solana-based memecoins.
Meanwhile, on-chain analytics platform Lookonchain reports, that since May 19, 2024, Pump.fun has sold approximately 4.1 million SOL tokens, worth around $741 million, potentially to fund operations or cash out.
Pump.fun is under mounting legal pressure. The platform faces two U.S. class-action lawsuits filed in January 2025, accusing it of running pump-and-dump schemes and selling unregistered securities. One claims the platform made nearly $500 million from illegal token launches, while another targets PNUT for misleading marketing and lack of user protections.
SOL Price Reacts
Solana (SOL) reacted sharply to the developments, falling over 7% in the past 24 hours. It briefly dipped to $147.54 before recovering slightly and is trading around the $150 mark at the time of writing.
Solana’s technical indicators suggest a cautiously optimistic outlook, though confirmation is still lacking.
The RSI sits at 38.43, below the signal line at 43.59, with both trending downward, indicating continued bearish pressure but nearing oversold territory, which could hint at a potential rebound.
Meanwhile, the MACD line at 0.70 signals that bearish momentum is weakening. While this may point to early bullish momentum forming, stronger confirmation, such as a green histogram or rising RSI, is still needed before signaling a clear trend reversal.
Why This Matters
Pump.fun has played a significant role in the Solana ecosystem, serving as a major launchpad for Solana-based memecoins and driving substantial token activity. Its sale of over 4 million SOL tokens, worth roughly $741 million, has had notable impacts on liquidity and market sentiment.
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