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⏳ ETH is About to Snap!?

Is this the End for Solana Memecoins….

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One of the biggest Solana memecoin platforms vanished overnight. Founders gone. Projects wiped. No warning. No explanation. From whispers of SEC investigations to claims of extortion and a $1B launch hanging in the balance…

Here’s what we got for you today:

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⭐ 5 Things You Shouldn’t Miss

📜 US Senate just officially approved the GENIUS Act, marking the first time a crypto-focused bill makes it through the Senate. All stablecoins must be 100% backed by USD or liquid equivalents. Trump already said he wants to sign a stablecoin bill before August 2025. Obviously, the U.S. wants stablecoins that strengthen the dollar, not replace it.

🛡️ Polyhedra team ($ZKJ.X ( ▼ 8.45% ) ) just reported its 90% crash. This was a coordinated financial attack, possibly linked to major market maker Wintermute. And now they’re fighting back with token buyback underway to support ZKJ price. $ZKJ.X ( ▼ 8.45% ) jumped to $0.70, before cooling back down to ~$0.45.

🧨 Trump’s Truth Social just filed for a BTC-ETH combo ETF, allocating about 75% to $BTC.X ( ▼ 1.19% ) and the rest to $ETH.X ( ▼ 1.57% ) . With SEC gradually softening its stance, many believe ETF approvals for SOL and staking-based funds could be next. As of now, SEC has only approved BTC and ETH ETFs, no altcoin ETFs yet.

👀 Tron’s founder plans to take Tron public in the U.S. through a reverse merger with Nasdaq-listed SRM Entertainment. The deal is being arranged by Dominari Securities, a firm with ties to Donald Trump Jr. and Eric Trump. Rumors say Eric Trump may take a leadership role at Tron Inc, although he’s publicly denied any involvement (but did admit he’s a “fan of Tron”). $210M worth of $TRX.X ( ▼ 2.57% ) will be injected.

💵 Iran’s biggest crypto exchange just got hacked for $81.7M, and the trail points straight to Israel. A known Israeli-linked hacker group called Gonjeshke Darande claimed responsibility & warned that they’ll leak internal data within 24 hours. Website and app have been temporarily shut down for investigation.

🐸 X Nuked a Bunch of Memecoin Accounts (pump.fun wiped off)

On June 17, crypto Twitter went into chaos after X (formerly Twitter) suddenly suspended a wave of memecoin-linked accounts, including some big names on Solana

Is this the beginning of the end for memecoins?

1️⃣ Memecoins Twitter Got Hit with a Mass Ban

On June 17, the crypto world woke up to chaos on X (formerly Twitter) — as dozens of accounts tied to major Solana-based memecoins were suddenly suspended with no warning.

Projects affected include:

  • pump.fun (a top Solana meme launchpad)

  • GMGN, BullX, Bloom Trading

  • Eliza OS, a Solana-based AI platform

But it didn’t stop at brand accounts… founders, core team members, and influencers also got suspended, including:

  • @gmgnai, @arthur_gmgn, @haze0x

  • @BloomTrading, @imBFFF00, @CookerFlips

  • Alon Cohen (@a1lon9), who co-founded pump.fun

  • @shawmakesmagic, founder of Eliza OS

  • Many more KOLs tied to the Solana meme scene

That’s the thing, X hasn’t said a word yet. No public reason, no warning. Just a sweep of suspensions across accounts tied to Solana memecoins and related projects.

Theories flying around:

  • Could be part of anti-spam or anti-bot policy enforcement

  • Some think it’s linked to SEC investigations or regulatory pressure

  • Others believe it may be tied to Elon Musk’s recent AI/crypto content policy shifts

Solana is booming right now in the meme space, so this feels like a targeted disruption.

2️⃣ A Leading Theory: Unauthorized API Use

These platforms might have used unofficial methods to scrape user data from X, without paying for the official enterprise API, which can cost up to $42,000/month.

If true, that’s a clear violation of X’s terms, and Elon Musk has said before: any abuse like this will be handled harshly.

More red flags:

  • ElizaOS may have let AI agents post automatically on X, which violates rules if done at scale

  • GMGN was mass-sharing posts with copy-paste formats, pushing users toward memecoin trading, looks spammy, low engagement, and likely algorithm manipulation

These behaviors can trigger X’s anti-spam detection, especially under recent updates meant to reduce bot activity and AI manipulation.

3️⃣ There’s Another Theory, Even More Serious

Some in the crypto space believe the recent bans on pump.fun and GMGN might be linked to a potential SEC investigation.

Here’s why. Back in January 2025, pump.fun was hit with a class-action lawsuit, accused of:

  • Collecting nearly $500M in fees

  • Letting users launch unregulated, high-risk tokens

  • Possibly offering unregistered securities

Now, rumors are flying that the SEC might be quietly investigating, although no official announcement has been made yet.

Things get murkier… There are unconfirmed reports that some core members of GMGN’s leadership team were detained for questioning by authorities.

Again, none of this is verified yet, but the lack of transparency is fueling even more speculation across Crypto X.

GMGN’s official statement:

gmgns-official-statement

Source: GMGN Channel

  • Their X account is currently suspended

  • They are actively appealing the suspension

  • Promised to keep the community updated and restore operations soon

4️⃣ Pump.fun’s X Account is Back But the Storm isn’t Over Yet

After days of speculation, pump.fun and founder @a1lon9 have had their X accounts restored.

But… other suspended accounts tied to the Solana meme scene are still down. No word yet on when (or if) they’ll return.

The timing is suspicious. Pump.fun was just gearing up for:

Even Binance Futures quietly renamed the pair from PUMP/USDT ➝ PUMPBTC/USDT, possibly hinting at internal confirmation.

Also, on June 18, the founder of ai16z, a well-known open-source Web3 project, publicly claimed that X tried to force him to pay $50,000/month — or risk losing his account.

He made the accusation on Farcaster, a decentralized social platform popular in the Web3/dev community.

According to his statement:

  • X contacted ai16z, accusing him of violating the platform’s rules, specifically by “selling data” and “bypassing the API paywall to resell content”

He says X used publicly available open-source code as “evidence” of wrongdoing, code he didn’t even fully write, much of it was reused from other public repositories.

X allegedly said: if ai16z pays $50,000/month for an enterprise license, the issue could be dropped.
This is despite the fact he was already paying:

  • $1,000/month for his gold check (business account)

  • $200/month for the developer API

He called this a “clear and outrageous form of extortion” and said he’s considering taking legal action.

Alright, here’s what’s making people uneasy:

Over the past year, pump.fun has reportedly drained ~$741M USD from the market, largely by cycling through memecoins and collecting launch fees in $SOL.X ( ▼ 2.73% ) , and retail traders are feeling the burn.

🐋 Ethereum Whales are Stacking Hard, Is it Repeating 2017 Playbook?

While $ETH.X ( ▼ 1.57% ) has been moving sideways for months, whales are quietly making moves, and it’s starting to look a lot like the early days of the 2017 bull run.

1️⃣ Ethereum Whales just Bought $2.5 Billion Worth of ETH

If you’ve been wondering why ETH price has been quiet lately… something big might be brewing under the surface.

According to Glassnode, wallets holding 1,000 to 10,000 ETH – a group typically considered “whales” – have added a massive 818,410 ETH (worth ~$2.5 billion) between them, just as of June 15.

eth-whale-net-position-change-addresses-1k-to-10k-eth

ETH whale net position change (addresses 1k to 10k ETH). Source: Glassnode

That’s the biggest accumulation spike in over 6 years.
These wallets now hold over 16 million ETH, compared to 11.87 million a year ago. That’s a huge increase, and it’s not retail investors doing this.

Meanwhile, institutions are loading up too:

  • Per CoinShares, Ethereum ETFs brought in $583 million in just one week (ending June 13)

  • That brings total ETH ETF inflows in 2025 to $2.28 billion

crypto-fund-flows-by-asset

Crypto fund flows by asset. Source: CoinShares

  • ETH-related ETPs (Exchange-Traded Products) have seen 8 straight weeks of inflows, totaling $1.9 billion

  • Last Wednesday alone brought $256 million in, the highest single-day inflow since Dec 2024

We’ll see how Ethereum’s mirroring its 2017’s playbook next 👇

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This newsletter is for informational purposes only and should not be considered investment advice. Traders should conduct thorough research, understand the risks, and carefully evaluate their decisions before investing in cryptocurrency.


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