Eye-watering crypto raises are back. On Saturday, Pump.fun, a popular website that lets anyone launch and buy memecoins, raised $600 million in 12 minutes through a public sale of its cryptocurrency.

Social media giant X suspended Pump.fun’s official account and co-founder Alon Cohen’s personal handle on June 16, alongside other memecoin-related platforms including GMGN, Bloom Trading, BullX, ...