Elon Musk’s micro-blogging site X has suspended the account “makenowmeme,” which allowed users to create memecoins with a single post. The suspension, which occurred on August 2, has disrupted the platform’s operations, with the account’s owners currently working to restore it.
The “makenowmeme” account, which boasted 15,000 followers, enabled users to mint memecoins by posting a formatted message on X. This message required a $ticker with the token’s name, a description, and a tag for @makenowmeme, with the option to include an image or video. Once sufficient purchases were made on the bonding curve, liquidity was added to the Solana decentralized exchange Raydium and subsequently burned, utilizing a mechanism akin to the pump.fun Solana memecoin generator.
The most notable token created through this system, called ‘Dogs,’ achieved a market capitalization of $184,000. The platform also offered MNM token airdrops when memecoins reached specific market cap and volume milestones.
Trading on the platform generated significant profits. Lookonchain reported that a trader made 4,721 SOL, worth around $800,000, from a memecoin called CTO within an hour. The trader initially spent 50 SOL to purchase 257 million CTO tokens and later sold 228 million for 4,771 SOL, realizing a substantial gain.
Even Alex Svanevik, CEO of on-chain analytics platform Nansen, engaged with the service, launching a memecoin named IQ on July 31. Svanevik described the move as a test of technology created by a friend and advised followers against investing heavily. Despite this caution, the token’s market cap and price surged on launch day, reflecting broader gains in the Solana memecoin sector.
In late July, memecoins in the Solana ecosystem experienced notable growth, outperforming the general cryptocurrency market. As reported by CoinGecko, memecoins currently make up 2% of the total crypto market capitalization, valued at $48 billion.
The suspension of “makenowmeme” has raised questions about the future of memecoin creation on X, with users and creators awaiting further updates on the account’s status.
August 2024, Cryptoniteuae
