Original | Odaily Planet Daily (@OdailyChina)
Author | Azuma (@azuma_eth)
In the early hours of June 17, Beijing time, the official account of pump.fun and the personal account of its founder Alon Cohen were suddenly banned by X. This follows last week's series of bans by X on GMGN and several KOLs, marking another large-scale crackdown on the Meme industry.
Regarding the reasons for the ban, there are various speculations. Some believe it is because these Meme platforms violated X's API usage regulations, encroaching on X's revenue (the official API fees for businesses can reach up to $42,000 per month), but there is currently no definitive conclusion.
It is worth mentioning that there are many rumors circulating on X about pump.fun facing regulatory lawsuits or its founder being arrested, but upon verification, there are no reliable sources for these claims. Most of the content is actually deliberately fabricated images designed to attract attention.
Community statistics show the current association of projects and personal accounts that have encountered bans on X as follows.
- pump.fun associated accounts:
@pumpdotfun
@a1lon9
- GMGN associated accounts:
@gmgnai
@haze0x (founder)
@arthur_gmgn (co-founder)
@gmgnaiJapanese
@ivyflame (team member)
@Ga__ke (associated KOL)
@brc20niubi (associated KOL)
@Wolfy_XBT (associated KOL)
@0xcryptowizard (associated KOL)
- Bloom associated accounts:
@BloomTrading
@imBFFF00 (team member)
@nftraian (team member)
@CookerFlips (partner)
@vibed333 (associated KOL)
In addition, several accounts, including the Meme platform BullX (@bullx_io), the AI Meme project ElizaOS (@ElizaOS), and its founder Shaw (@shawmakesmagic), have also faced bans.
Will the upcoming token issuance of pump.fun be affected?
Compared to other banned accounts, the ban on pump.fun will undoubtedly have a greater impact. The first reason is the larger market attention and influence of pump.fun in the Meme market, and the second is that pump.fun is currently preparing for a highly anticipated token issuance event, aiming to raise funds for the entire industry at a valuation of several billion dollars.
- Note from Odaily: Regarding the token issuance process of pump.fun, we reported on June 4 in the article “Valuation of $5 billion, VC and retail investors at the same price? Meme engine pump.fun's token issuance for self-rescue.”
The rumors about pump.fun's upcoming token issuance first originated from Blockworks, where sources revealed that pump.fun plans to raise $1 billion through an ICO, with a valuation of $4 billion. The sources added that this token sale will be divided into private and public rounds, but it is unclear when the token will go live or if it will be issued on the pump.fun platform.
Subsequently, Velocity Capital investor DeFi Cheetah stated that he heard rumors about pump.fun's token issuance from some unverified private channels, including: no airdrop, but a whitelist will be set for the public sale; the financing target for the public sale is $800 million, with a valuation of $5 billion; VCs will also have a quota of $200 million, with the same valuation of $5 billion; the public sale will take place on most mainstream CEXs, which are all preparing for it.
On June 10, Binance officially announced that it would rename the already listed perpetual contract PumpBTC (PUMP) to PUMPBTC, leading the community to speculate that this move is to reserve the PUMP token identifier for pump.fun, seemingly confirming the rumors that pump.fun will conduct a public sale through major CEXs.
On June 16, Aevo announced the pre-trading of pump.fun (PUMP), and after going live, PUMP's pre-trading valuation briefly surged to $7 billion, but with the ban on pump.fun, it fell back to around $5.85 billion. However, Aevo's pre-trading market has limited transaction volume, so it cannot fully represent PUMP's true valuation.
However, just when everything seemed to be progressing smoothly, the sudden ban this morning dealt a heavy blow to pump.fun. After all, during such a critical time for token issuance, the lack of a credible official communication channel will inevitably hinder the progress of various tasks. Additionally, the current strong FUD sentiment in the market will also damage pump.fun's fundraising appeal. Therefore, if pump.fun cannot quickly resolve the ban, it is possible that pump.fun will choose to temporarily suspend the token issuance process.
But to take a step back, choosing to suspend is also swallowing another poison pill. From a market perspective, the Meme market is continuing to cool down, and the longer the delay, the more unfavorable it will be for pump.fun's revenue performance, fundamentally limiting its valuation expectations.
The world has long suffered from pump.fun
Interestingly, looking around the market discussions, the community seems to be viewing pump.fun's ban with a sense of "schadenfreude."
There are multiple reasons for this. First, the market has never really recognized pump.fun's proposed fundraising efforts, believing that the ugly behavior (dumping all the SOL earned) of pump.fun to raise such a large-scale fundraising at such a valuation could almost drain the remaining liquidity in the market, harvesting the entire bull market; second, the Meme boom driven by pump.fun has objectively brought about many chaotic phenomena, and many users who have lost money due to Meme have long harbored hostility towards pump.fun.
Synnax co-founder @DarioCpx stated on X: “If this platform that has spawned numerous scams ultimately collapses, then the next wave of altcoin season in cryptocurrency may be coming.”
Developer @Simba_crpt remarked: “pump.fun has been officially banned. No more secret launches, no more overnight wealth for so many people. This will completely change the fate of the Meme market.”
Clearly, the world has long suffered from pump.fun. Now, watching pump.fun face a dilemma, many users feel a sense of satisfaction in "getting revenge."
Personally, while I do not hold too many positive or negative feelings towards pump.fun, I do not like the fundraising activity that pump.fun is preparing (if the details are indeed as rumored), so I would prefer to see pump.fun lower its valuation and fundraising target. However, how the situation will ultimately develop still depends on how pump.fun chooses to proceed.
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