Pump.fun Isn’t Dead, It Just Raised Millions

5h ago•

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bearish:

On-chain data shows a $70M fundraising wallet linked to Pump.fun, refuting rumors the platform is dead after its X suspension.

Pump.fun ’s X account suspended, sparking panic in crypto circles.
$70M raised from whales hints at a massive token launch.
Despite suspension, trading volume and user activity remain surprisingly strong.

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.