More than 20 crypto-related accounts, including those of memecoin platform Pump.fun and its co-founder Alon Cohen, have been suspended by X in what appears to be a sweeping crackdown.
As of this writing, both the Pump.fun and Alon Cohen accounts displayed suspension notices without explanation beyond the standard message:
“X suspends accounts which violate the X Rules.”
The social media platform has not issued an official statement on the matter.
A total of at least 20 affected accounts were documented by X user “Otto.” The list includes accounts linked to crypto trading platforms:
GMGN
BullX
Bloom Trading, and
AI tool Eliza OS.
X has long served as a critical communications hub for crypto projects and communities. Account suspensions can severely disrupt user engagement, marketing, and platform updates.
Nigeria Crypto and Twitter Bans Came at a Cost to Millions of Young Nigerians, Says Latest UN Reporthttps://t.co/pf3K4Q28Gp
— BitKE (@BitcoinKE) May 11, 2022
While the reason for the suspensions remains unconfirmed, speculation points to violations of X’s API policy. In January 2023, X banned unauthorized use of third-party APIs. Several users believe some platforms used these external APIs to avoid the steep fees of X’s official API, which can cost startups upwards of $60,000 annually.
In a Telegram update, GMGN confirmed it is actively appealing the suspension and working closely with X to expedite the reinstatement of its account.
Controversy Surrounding Pump.fun
Pump.fun has drawn scrutiny for simplifying the creation of memecoins – highly speculative tokens with little to no intrinsic value. Its rise has been polarizing in the crypto space.
STATISTICS | https://t.co/nDFpSnSj5U #MemeCoins Face Mass Extinction – Less Than 1% Survive
The collapse of the memecoin market has contributed to a staggering $1 trillion loss in overall crypto market capitalization.
Analysts warn that this shift in capital allocation may… pic.twitter.com/4npj6Tdkzl
— BitKE (@BitcoinKE) March 15, 2025
In January 2025, a class-action lawsuit accused Pump.fun of facilitating pump-and-dump schemes and generating nearly $500 million in fees from unregistered securities.
[TECH] REPORT | MemeCoin Creation Platform, https://t.co/fMWoaORGuI, Collected $525,000 in Average Daily Fees, Says Solana Q2 2024 Report: Solanas DeFi TVL fell by 9% QoQ to $4.5 billion, ranking it fourth among networks i.. https://t.co/OyX31nhtpO via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) July 24, 2024
The lawsuit claims every token created on the platform qualifies as such.
REGULATION | The United States SEC Declares Most Meme Coins Are Not Securities in Landmark Guidance
With this latest guidance, the SEC has provided much-needed clarity on meme coins, offering relief to traders and project developers alike. https://t.co/4WP9AQQvi9 pic.twitter.com/agqrmHavng
— BitKE (@BitcoinKE) February 28, 2025
Braden, a marketer associated with Pump.fun, suggested in a recent post that the suspensions may be due to mass reporting rather than rule violations, calling it “mass reporting bs.”
X has yet to respond to multiple requests for comment.
According to a January 2025 report published by BitKE, memecoins outperformed all the other crypto categories in 2024 with its market cap surging by 500% – rising from $20 billion in January to $120 billion in December 2024.
MEMECOINS DOMINATED 2024 WITH A 500% SURGE IN MARKET CAP!
COMMUNITY CONSENSUS OUTSHINES TRADITIONAL METRICS, AND MEMEINATOR REMAINS THE UNDISPUTED FORCE. JUDGMENT DAY IS HERE.
READ THE FULL STORY: https://t.co/A54UtBLbmg
— The Memeinator (@TheMemeinator__) January 19, 2025
In 2025, market participants expect meme coins to perform similarly to their 2024 gains. These expectations are based on investors’ anticipation that the crypto market will follow its typical four-year cycle, potentially triggering another rally in the coming months.
During market uptrends, meme coins tend to outperform well-established cryptocurrencies like Bitcoin and Ethereum. However, they also underperform other assets during market downtrends.
*lREPORT | 97% of All MemeCoins Created Have Died, More than 2,000 Die Daily in 2024, Says New Report
Different blockchain platforms exhibit varying death rates for memecoins as shown below:#Telegram#memecoin#Bitcoinhttps://t.co/xw4xHMhPyL
— Salaxzy (@Salaxzy) August 27, 2024
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