Memecoin Purge on X: Pump.fun and Others Suspended

X, the social media platform formerly known as Twitter, has suspended the accounts of several memecoin-related platforms, including Pump.fun, GMGN, Bloom Trading, BullX, ElizaOS, and the personal account of Pump.fun co-founder Alon Cohen.

No Official Explanation

The platform has yet to provide an official reason for the suspensions, leading to a flurry of speculation within the crypto community. Theories range from violations of X's terms of service to potential regulatory action.

Potential Reasons Behind the Suspensions:

• Unauthorized Livestream or API Abuse: Some speculate that the suspended accounts may have engaged in unauthorized livestreaming or misused X's API.
• Pump-and-Dump Schemes: The association with memecoins raises concerns about potential pump-and-dump schemes.
• Regulatory Scrutiny: Others believe the suspensions could be a precursor to regulatory action from the SEC or other agencies.

Pump.fun Operations Uninterrupted

Despite the account suspension, Pump.fun's website remains operational, and the creation of Solana-based memecoins continues.

Previous Issues

This isn't the first time X has taken action related to content on its platform. Last November, concerns over unsafe livestream content led to the disabling of the feature.

Key Takeaways

• Several memecoin-related accounts have been suspended from X.
• The reason for the suspensions is currently unknown, leading to speculation.
• Pump.fun's website remains active despite the account suspension.
• The event highlights the growing regulatory scrutiny of memecoins and the potential risks associated with them.