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On June 16th, X (formerly Twitter) suspended Pump.fun’s official account and co-founder Alon Cohen’s handle, along with several other memecoin profiles. This move cut off a major channel where users discovered new tokens, sparking panic across crypto Twitter just hours after Pump Fun 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 appears to be powering ahead with its fundraising plans. Blockchain tracker Lookonchain flagged a multisig wallet that pulled in around $70 million in USDT and USDC over the past week from institutions and whale investors. Rumors quickly spread that these funds are meant for a platform token sale, possibly aiming for a $1 billion ICO and a total valuation between $4 billion and $7 billion. However, Pump.fun has not confirmed this yet.
A multisig wallet has raised $70M in USDT and USDC over the past week from various institutions and whales.
— Lookonchain (@lookonchain) June 19, 2025
Is this wallet related to #Pumpfun?
Rumor has it that #Pumpfun is raising funds to launch a platform token.https://t.co/wzpLzc0Xa2 pic.twitter.com/JeIlc9B9ay
Related: Pump.fun Returns After Suspension—Can Solana Meme Coins Regain Momentum?
Adding to this, updates show that since May 2024, Pump.fun has sold over 4.1 million SOL, netting nearly $741 million. Of that, about 264,000 SOL (worth $41.6 million) went to USDC trades at $158 per SOL, and roughly 3.84 million SOL (worth $699 million) was sent to Kraken at $182 per coin. Whether these SOL sales are an exit strategy or simply risk management remains unclear.
Is Pump.fun Dead?
Most experts thought that Pump.fun was finished after the Twitter scare, with talk of collapsing volume and fading interest everywhere. According to Dune data, daily meme trades stayed strong at around 2 to 2.7 million, with USD trading volume between $120 million and $184 million. Trading actually picked up after the X suspension, and more users jumped back in.
Despite speculation about unpaid API bills or broader platform crackdowns, Pump.fun’s website remained live, suggesting that the suspension was a policy matter rather than a legal shutdown. For now, the crypto community is left wondering if its massive fundraising efforts signal big things ahead.
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