The post Elon Musk’s X Reinstates Pump.fun and Its Founders Account After 24 Hours of Suspension appeared first on Coinpedia Fintech News
After 24 hours in the dark on the Elon Musk-backed X platform, the accounts for Pump.fun, a Solana (SOL)-based memecoin launchpad, and its founder have been restored. The suspension of several crypto-related X accounts happened on Monday, triggering speculation.
Furthermore, the X platform did not provide a detailed explanation as to why the accounts were closed. However, as Coinpedia reported, the 24-hour suspension of the Pump.fun account was likely due to malicious actions that violated X policies.
Closer Look at Pump.fun
In the past year of its existence, Pump.fun has facilitated the launch of hundreds of thousands of memecoins on the Solana blockchain, with only a few gaining mainstream adoption. The fair launch model has helped the launchpad attract more users, which has been of significant value to the Solana ecosystem.
As a result, Pump.fun has generated nearly $1 billion in revenue in the past year, which will play a crucial role in its anticipated $4 billion token launch. The launchpad has been working on expanding its services to include a Decentralized Exchange (DEX) to help compete with other web3 protocols offering similar memecoin services.Meanwhile, the palpable success of the Pump.fun platform has helped Solana’s memecoin ecosystem grow to nearly $10 billion and a 24-hour average trading volume of around $2.6 billion. The restoration of the Pump.fun platform will play a crucial role in the long-term success of Solana ahead of the imminent approval of the spot SOL ETFs in the United States.