- Pomp.Fun’s X account suspended, panic in crypto circles.
- $ 70 million picked up from whales hints on a huge token launch.
- Despite suspension, trade volume and user activity remain surprisingly strong.
On June 16, X (formerly Twitter) suspended Pump.Fun’s official account and co-founder Alon Cohen’s handle, along with various other Memecoin profiles. This movement cut off a large channel where users discovered new tokens, which sparked panic in Crypto Twitter, just a few hours after pumping pleasure teased a token launch on a pre -market trading platform. However, Pump.Fun has now returned to X after a 24 -hour suspension.
Behind the scenes, however, Pump.fun seems to be switching forward with its fundraising plans. Blockchain Tracker Lookonchain marked a multisig wallet that has picked up around $ 70 million in USDT and USDC in the past week from settings and whale investors. Rumors spread rapidly that these funds are intended for a token sale platform, possibly aimed at an ICO of $ 1 billion and a total appreciation between $ 4 billion and $ 7 billion. However, Pump.Fun has not yet confirmed this.
Related: Pump.Fun returns after the suspension – Can Solana Meme -Me -Munten regain?
As an addition, it appears that updates show that Pump.Fun has sold more than 4.1 million SOL since May 2024, with nearly $ 741 million. Of these, approximately 264,000 Sol (worth $ 41.6 million) went to USDC transactions at $ 158 per SOL, and around 3.84 million Sol (worth $ 699 million) was sent to Kraken at $ 182 per coin. Whether this sol sales are an exit strategy or just risk management remains unclear.
Is Pomp.Fun dead?
Most experts thought that Pump.Fun was ready after the Twitter fear, talking about a curb volume and fading interest everywhere. According to Dune Data, Daily Meme trades remained strong at around 2 to 2.7 million, with USD trade volume between $ 120 million and $ 184 million. Acting was actually picked up after the X suspension and more users jumped in again.
Despite speculation about unpaid API accounts or wider platform performance, the website of Pump.Fun remained live, which suggests that the suspension was a policy case instead of a legal closure. For now, the crypto community wonders whether its enormous fundraising efforts mean great things.
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