On June 16, 2025, X suspended the PumpFun account, a Solana-based memecoin launchpad, along with several related accounts including founder Alon Cohen’s. X hasn’t provided specific reasons beyond a standard rules violation notice; however, industry observers point to potential issues like unauthorized API usage, platform feature misuse, or regulatory concerns.
The suspension occurred near PumpFun’s planned token launch and airdrop, though no official explanation has been confirmed.
The reason that so many X accounts went down recently (ai16z and pump and many others)
— shax.nyla (@shax_btc) June 17, 2025
Is almost 100% due to the fact they are using third party apps to avoid paying for the official api.
The official API may be expensive but it keeps our users safe. It gives you all a peace of…
Massive Pumpfun (PUMP) Selloff Raises Eyebrows
Shortly after the suspension, questions started to swirl around a huge SOL selloff linked to pump.fun wallets. According to data shared by analyst Crypto Patel, the platform has sold approximately 4.1 million SOL since May 19, 2024. That’s worth nearly $741 million, and the average price was around $180.
This sudden activity includes two large transactions. The first was the sale of 264,373 SOL for $41.64 million in USDC, with the average price per token being $158. The second and more eye-catching move involved 3.84 million SOL, worth about $699 million, being sent to Kraken. That transaction happened at a higher average price of $182.
#PumpFun Sells $741M in $SOL After X Suspension – What’s Really Happening?
— Crypto Patel (@CryptoPatel) June 17, 2025
PumpFun (@pumpdotfun), a popular #Solana-based meme token launch platform, was recently suspended from X — but they’ve been making major moves behind the scenes.
Since May 19, 2024, the platform has sold… pic.twitter.com/ITGtjqmB0H
PumpFun (pump.fun) Under Scrutiny
The timing couldn’t have been worse for pump.fun. Their platform had built a strong reputation as a go-to launchpad for meme tokens on Solana, gaining serious traction in 2024. But now, with their X presence gone and these massive transactions taking place, the crypto community is split.
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This could just be strategic treasury management move or something more concerning. Crypto Patel, who noted the transactions, hinted that pump.fun is moving huge amounts of SOL without any transparent explanation. He asked the big question many are now wondering: is this just risk management, or the early signs of a complete exit? For now, there is no proof of wrongdoing, but many will be watching closely to see the outcome of these events.
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