Elon Musk’s X Suspends Pump.fun and Founder’s Account In the middle of Increasing Memecoin Concerns
Together with it, the individual account of founder Alon Cohen and several automated trading bot accounts such as GMGN and BullX likewise went dark. Read More: Elon Musk’s X Suspends Pump.fun and Founder’s Account Amidst Increasing Memecoin Issues” > Elon Musk’s X Suspends Pump.fun and Creator’s Account In the middle of Increasing Memecoin Issues
The memecoin buzz train struck a sudden halt this week as Pump.fun, a leading Solana-based memecoin production platform, had its authorities X (previously Twitter) account suspended. The crypto community was fast to hypothesize: is Elon Musk starting a wide-scale cleanup of the memecoin jungle on X? There is now speculation that the U.S. Securities and Exchange Commission (SEC) might be scrutinizing Pump.fun and its impact on retail financiers– especially given the platform just recently reached a $1 billion valuation simply 2 weeks before the takedown.
The memecoin buzz train hit an unexpected stop this week as Pump.fun, a leading Solana-based memecoin development platform, had its authorities X (previously Twitter) account suspended. The crypto neighborhood was quick to speculate: is Elon Musk initiating a wide-scale cleanup of the memecoin jungle on X? Many suspect that Pump.fun and its affiliated bots might have bypassed X’s premium API limitations– a hot-button issue because Musk presented large pricing for access, supposedly up to $60,000 annually. There is now speculation that the U.S. Securities and Exchange Commission (SEC) might be inspecting Pump.fun and its effect on retail investors– specifically given the platform just recently reached a $1 billion appraisal just 2 weeks before the takedown. The community grows on version and reinvention, and it’s likely just a matter of time before another platform fills the void left by Pump.fun.
