X suspended the "makenowmeme" account, which had 15,000 followers, for enabling users to create meme coins directly on the platform.
The suspension paused meme coin minting, which had attracted significant user engagement and generated substantial profits for traders.
The "makenowmeme" account used a format involving $ticker tags to create meme coins, depositing liquidity on the Solana exchange Raydium.
Popular social media platform X has suspended an account that enabled users to create memes coins with a single post on the social media platform.
Elon Musk's Suspends Account Linked With Meme Coin Creation
An account called “makenowmeme” with 15,000 followers has been suspended from the platform for violating its rules, users on X.On its website, the purported owners of the account stated that they are now looking to restore it, and operation was paused for now.
https://twitter.com/AncientCallsBC/status/1819256076631412889
The system provided a way for users to post on X using a set format. The post just needs to include a sticker 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 using the similar mechanism to the pump fun Solana meme coin generator.
According to the site, the top token called ‘Dogs’ had a market capitalization of $184,000 with the platform also offering an airdrop of MNM tokens when the memecoins reached certain market cap and volume milestones.
Profits Realized from 'Makenowmeme' Platform
According to Lookonchain, degens trading these memes coins had already made considerable profits. Where some spent 50 SOL to buy 257 million CTO and was the third address to buy the memecoin selling 228 million CTO for 4,771 SOL attaining a profit of 4,721 SOL, reported the on-chain analytics platform on August 1.
https://twitter.com/lookonchain/status/1818903878588678406
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.
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The post Meme Coin Creation on X Halted as Account Faces Suspension appeared first on Crypto News Land.
