X has reinstated the meme coin launchpad Pump.fun’s account after suspending it late on Monday.
The account of the company’s co-founder Alon Cohen, which was also suspended, has now been restored.
Their accounts were caught up in a broader crypto purge on X, which resulted in the temporary suspension of several prominent influencers and companies.
However, the company’s headaches are far from over. It now faces a class-action lawsuit, off-the-charts bot activity, and stiff competition from emerging meme coin launchpads like Solaxy’s Igniter.
Pump.fun’s X Suspension Lifted, But Headaches Continue
Pump.fun has emerged as one of the breakout platforms of this crypto cycle, shifting meme coin launches from VC boardrooms to everyday creators.
The platform has been the launchpad for several popular meme coins, including Fartcoin, Goatseus Maximus, Just A Chill Guy, Moo Deng and lately, Useless Coin and Aura.
Pump.fun has already generated nearly $700 million in revenue and is now planning a $1 billion token sale with a fully diluted valuation of $4 billion.
However, the company is now grappling with a growing set of challenges. For starters, it faces a class-action lawsuit filed by Burwick Law on behalf of 500 clients, alleging securities law violations tied to its facilitation of meme coin launches and the generation of over $500 million in revenue.
Pump.fun also faces more subtle and deeper challenges. For instance, crypto analyst Adam Tehc reveals that 93 of the top 100 wallets on the platform are bots.
93 of the top 100 Pumpfun wallets are bots, per @Adam_Tehc data.
Here’s the real leaderboard (bots excluded):
• 2 wallets traded $100M+
• 785 traded $10M+
• 11,843 traded $1M+
• 121K+ traded $100K+
• 685k+ traded 10k+
• 3.7M+ traded $1K+ pic.twitter.com/C4XIYbNl9K
— The Solana Post (@thesolanapost) June 9, 2025
It is no surprise that retail investors are also now starting to arm themselves with tools like Snorter, the fastest Telegram-native crypto trading bot.
Owing to the dominance of bots on Pump.fun, retailers simply have no chance of making it big anymore. For instance, less than 3% of the 217k+ wallets that traded on the platform last month made any money, while only 5 made over $50k.
Pumpfun is brutal
217K+ wallets traded this month. Only 5 made over $50K
174,949 lost money
166K lost <$500
3.7K lost $500–$1K
2.6K lost $1K–$10K
47 lost $10K–$50K
1 lost $100K–$200K
1 lost >$1M
Winners <3% pic.twitter.com/6TtSSW9UaV
— The Solana Post (@thesolanapost) June 5, 2025
Unsurprisingly, the public sentiment towards Pump.fun has become distinctly negative, with many calling it the worst thing to happen to crypto.
While Pump.fun is expected to maintain strong revenue generation, rising competition from newer launchpads like Solaxy could threaten its dominance.
Solaxy Launches Its Competitor To Pump.Fun
Solaxy (SOLX) is a new Solana layer-2 scaling solution and a full-stack ecosystem which is in high demand during its ongoing presale.
Last month, the project announced the Igniter Protocol, its challenger to Pump.fun. Igniter allows users to launch their own meme coins with just a few clicks, which will launch on the cutting-edge and highly liquid Solaxy DEX before going live on other top-tier DEXs and CEXs.
Welcome to the Future
Another major piece of the puzzle is coming together. The Solaxy DEX is on the way.
It will be the native trading hub for all tokens launched through Igniter, our rollup-native launchpad. Once a token completes its bonding curve on Igniter, it flows… pic.twitter.com/lEvZh7RRd6
— SOLAXY (@SOLAXYTOKEN) May 27, 2025
Considering it is a new meme coin launchpad, it is expected to improve on Pump.fun’s flaws and tackle the disastrous bot problem.
The Igniter Protocol is expected to go live on July 21st.
Meanwhile, Solaxy’s Layer-2 Testnet is already live. Its cutting-edge scaling solution is expected to become a key part of the Solana ecosystem, considering it promises fast and cheap transactions, high scalability and zero downtime, even during periods of heavy traffic.
Meanwhile, the SOLX coin has already raised over $54 million in presale and is set to go live on June 23rd. Several whales and smart money investors are among its early buyers as the token recorded a string of six-figure investments into it.
After all, the top Layer-2 coins in every ecosystem tend to reach multibillion-dollar valuations.
Unsurprisingly, many analysts are calling SOLX the next 10x crypto.
Visit Solaxy Presale
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