Solana Memecoins in Trouble: Why TRUMP and FARTCOIN Went Down Following the Pump. X Suspension of Fun
This week, Solana’s memecoin market was rattled when prominent tokens such as TRUMP and FARTCOIN plummeted drastically when Pump.fun’s X account was unexpectedly suspended. This platform had become a crucial starting point for viral Solana coins, and its suspension sent shockwaves across the market, wiping off millions of dollars in value and causing investors great concern.
The ban of Pump.fun has caused panic in the Memecoin marketplaces
Pump.fun was not just another tool for Solana. It was a meme factory that drove several token launches, social media hype, and retail activity on the X platform. But on June 17, X abruptly banned Pump.fun, its co-founder Alon Cohen, and several other meme community accounts. The modification occurred right before the scheduled release of $PUMP, adding to the drama and suspicion surrounding the memecoin crash.
Meme-based cryptocurrencies, such as TRUMP and FARTCOIN, require a high level of social traction. These coins perform best when they are amusing, get viral, and contain politically sensitive content. Both coins sank dramatically after their main amplification engine ceased working. TRUMP plummeted about 5%, while FARTCOIN dropped more than 9% in 24 hours.
FARTCOIN’s bearish pattern indicates negative news
FARTCOIN has been riding waves of craziness and attention for a long time, but latest numbers indicate that things are not going well. It is currently trading just over its 50-day exponential moving average, which is about $1.14. Technical analysts have discovered a possible double top pattern forming, which is a negative indicator that suggests further losses.
If the currency closes below its important neckline support at $0.92, it might fall to $0.54, the height of the double top formation. A daily RSI of 48 indicates that purchasing pressure is weakening and the market is becoming more fragile.
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