Recent account suspensions in the Solana memecoin space, including the official account of Pump.fun and the personal account of founder Alon Cohen, have drawn widespread attention.
Reasons for Suspensions and User Reactions
The suspensions were noticed around 7:30 p.m. UTC when attempts to access Pump.fun's Twitter account returned a 'user not found' error. A user known as Otto compiled a list of suspended accounts, which included many popular names in the Solana community.
Economic Consequences and Creation of New Memecoins
Within an hour of the suspensions, users began creating new memecoins inspired by the suspended accounts. According to DEX Screener data at 8:22 p.m. UTC, five new tokens associated with the situation emerged, generating a trading volume of $10.4 million during that period.
Speculations on Possible Legal Consequences
Some market participants have begun speculating on the potential involvement of the U.S. Securities and Exchange Commission (SEC) or undisclosed legal issues concerning Pump.fun's operations. The platform has already faced criticism for scams and a class action lawsuit regarding the sale of unregistered securities.
The suspension of accounts in the Solana memecoin space not only raises concerns among users but also creates new economic opportunities in the form of memecoins, which may lead to further legal implications for projects associated with Pump.fun.
