Elon Musk’s micro-blogging site X has suspended an account that enabled users to create memecoins with a single post on the social media platform.
An account called “makenowmeme” with 15,000 followers has suspended the platform for purportedly violating its rules, users on X discovered on Aug. 2.
On its website, the purported owners of the account stated that they are nolooking to restore it, and minting was paused for now.
The system provided a way for users to post on X using a set format. The post just needs to include a $ticker with the token name, a description of the coin, and tag @makenowmeme with the option to attach an image or video.
It explained that when enough people bought on the bonding curve, liquidity was deposited on the Solana decentralized exchange Raydium and then burned. It uses a similar mechanism to the pump.fun Solana memecoin generator.
According to the site, the top token called ‘Dogs’ had a market capitalization of $184,000. The platform also offered an airdrop of MNM tokens when the memecoins reached sure market cap and volume milestones.
According to Lookonchain, degens trading these memecoins had already made considerable profits. One trader made 4,721 SOL worth around $800,000 on a makenowmeme token called CTO in just one hour.
They spent 50 SOL to buy 257 million CTO and was the third address to buy the memecoin. They then sold 228 million CTO for 4,771 SOL realizing a profit of 4,721 SOL, reported the on-chain analytics platform on August 1.
Even the CEO of on-chain analytics platform Nansen, Alex Svanevik, got in on the action, launching a memecoin called IQ on makenowmeme on July 31. At the time, he said he was “testing some tech a friend built,” urging followers not to ape into it.
The token’s prices and market cap surged on the day of launch, according to DEXScreener.
Related: MEW, WIF and Solana memecoins soar amid increasing network activity
Memecoins in the Solana ecosystem saw significant gains in late July, outperforming the broader crypto market as reported by Cointelegraph.
According to CoinGecko, memecoins currently account for 2% of the total crypto market capitalization with $48 billion.
Magazine: Memecoins: Betrayal of crypto’s ideals… or its true purpose?
