Pump.fun, a Solana meme coin launchpad, and several other crypto accounts face suspension from X (formerly Twitter) with no reason given.
The accounts display the standard message that they are violating X’s rules, but there no details given. Some team members, like Pump.fun’s co-founder, Alon Cohen, and ElizaOS founder, Shaw Walters, also had their accounts under suspension.
Why Is X Banning LaunchPad Accounts?
While there is no official reason, the reigning speculation among the crypto X community is that the suspensions are linked to misuse of X’s API or growing concerns over meme coin activity.
Instead of getting that data directly from X in a legal way, which involves paying X’s high API fees that start at $60,000 a year, the rumour is that they were likely using “black market” or shared APIs.
Following the crackdown, the platforms are not going down without a fight. Both GMGN and BullX have reassured their respective communities of their transparency and continued operations.
GMGN announced that their work will continue as usual as they investigate the issue and are actively appealing to get their account restored quickly. BullX also shared on Discord that the recent ban was due to an unfair mass-reporting of its X account. The team has denied rumours of shutting down.
Pump.fun has recently received criticism for making it easy to create meme coins — risky tokens with no real value. In January, a class-action lawsuit accused the platform of helping with pump-and-dump schemes and claimed it made nearly $500 million from unregistered tokens.
Following the crackdown on Solana’s main volume contributor, the SOL price has dropped 3.2% in the past 24 hours, though it remains hovering just above $150, per CoinGecko data.
$63M Investment Raises Chances of A Solana ETF Approval
Meanwhile, hopes for a Solana ETF (Exchange Traded Fund) approval are rising after CoinShares recently filed an S-1 application to launch one.
CoinShares has joined seven other major firms like Grayscale, VanEck, and Fidelity, pushing the chances of an ETF approval to 90% according to Bloomberg analysts.
Galaxy Digital has also invested heavily in Solana, as in just one day, the firm staked 410,000 SOL ($63 million) in batches of 260,000 SOL and 150,000 SOL. In total, Galaxy now holds 660,000 SOL (~$101 million), plus nearly 123,000 SOL in reserve.
This growing institutional support, along with efforts from firms like Solana Strategies and DeFi Development Corp, is helping build bullish momentum for SOL, even as interest in Solana derivatives cools slightly after Monday’s dip.
