X Suspends Dozens of Memecoin Accounts, Sparking Industry Debate

On June 16, the official Pump.fun account and the personal handle of its founder Alon Cohen were suspended by X, along with a cohort of other accounts tied to the memecoin sector. As of the time of reporting, neither X nor the individuals behind the suspended accounts have provided an explanation for the suspensions. Users began noticing the accounts returning “user not found” errors around 7:30 p.m. UTC, effectively removing the primary communication channel for the Solana-based memecoin launchpad site.

An X user identified as Otto compiled a list showing dozens of locked profiles, including handles tied to the GMGN and Bloom trading communities. Affected accounts included @gmgnai, @haze0x, @arthur_gmgn, @BloomTrading, and @imBFFF00, as well as bot-infrastructure developers such as @bullx_io and @ElizaOS. Otto described the event as an “internal enforcement sweep” rather than the result of coordinated mass-report campaigns. Most of the frozen accounts provide trading tools, automated order routing, or marketing services for on-chain assets, functions that often interact with X’s rules on platform manipulation and spam. However, the list also includes influencers and well-known traders in the memecoin circles.

Within the first hour of the account’s disappearance, users flooded Pump.fun with memecoins referencing the suspension and the founder’s alias. Five of these memecoins were among the top 10 tokens trending for the day. Furthermore, 15 out of the 31 tokens that fulfilled the bonding curve and “graduated” from Pump.fun within one hour after the ban were related to the episode. According to a Dune dashboard by user adam_tehc, the suspension-related tokens that graduated represent 9% of all memecoins that completed the bonding curve on June 16.

This sudden suspension of memecoin-related accounts on X raises several questions about the platform's policies and enforcement mechanisms. The lack of explanation from X leaves users and industry observers speculating about the reasons behind the suspensions. The event highlights the delicate balance between platform regulation and the freedom of expression in the decentralized finance (DeFi) community. The impact of these suspensions on the memecoin sector and the broader crypto community remains to be seen, as the industry continues to navigate the complexities of regulatory compliance and community engagement.