X has suspended the account “makenowmeme”, which allowed users to launch memecoin on Solana from a simple tweet. On the website, the alleged owners claim that they are trying to restore everything, while the minting remains suspended.
X by Elon Musk suspends “makenowmeme”: the account that allows launching memecoin with a tweet
The social platform X by Elon Musk has acted to suspend the account “makenowmeme”, for allegedly violating its rules.
NEW: @makenowmeme HAS BEEN SUSPENDED AFTER ENABLING ANYONE TO LAUNCH SOLANA MEMECOINS DIRECTLY FROM A POST ON @X pic.twitter.com/2tdkF5ZpDv
— DEGEN NEWS (@DegenerateNews) August 1, 2024
“NEW: @makenowmeme HAS BEEN SUSPENDED AFTER ALLOWING ANYONE TO LAUNCH MEMECOIN SOLANA DIRECTLY FROM A POST ON @X”
In practice, “makenowmeme” allowed users to launch new memecoin on Solana through a simple tweet.
Specifically, users just needed to post on X following a predetermined format, including in their tweet a $ticker with the name of the token, a description of the coin, and the tag @makenowmeme with the option to attach an image or a video.
At the moment, even on the official website of makenow.meme, it reads that minting is suspended and they are trying to restore it. Here are the reported words:
“The @makenowmeme X account has been suspended and we are working to restore it. For the moment, Minting activity will be suspended. An official update will be provided here on this site when a solution is ready.”
The X account of makenowmeme with 15,000 followers and the mint of new memecoin are on standby
The account X of makenowmeme just suspended, already has 15,000 followers and, looking at the website, even the memecoin launched through its mechanism are conquering the market.
In fact, the top token “Dogs” created with makenow.meme has already reached a market capitalization of 184,000 dollars.
Not only that, but also in terms of profits, it seems that the memecoins created with makenow.meme are riding a good wave.
To give a practical example, a trader of the memecoin CTO created with makenow.meme, earned 4,721 SOL in just one hour from its launch, the equivalent of $800,000.
A trader made 4,721 $SOL($802.5K) on $CTO in just 1 hour, a gain of 94x! 
@RaydiumProtocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago.
This trader spent 50 $SOL($8.5K) to buy 256.8M $CTO and was the 3rd address to buy $CTO.
He then sold 227.67M $CTO for 4,771… pic.twitter.com/rSKOTVknx7
— Lookonchain (@lookonchain) August 1, 2024
“A trader earned 4,721 $SOL ($802.5K) on $CTO in just 1 hour, a gain of 94x! @RaydiumProtocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago. This trader spent 50 $SOL ($8.5K) to purchase 256.8M $CTO and was the third address to buy $CTO. They then sold 227.67M $CTO for 4,771 $SOL ($811K), making a profit of 4,721 $SOL ($802.5K)! Additionally, this trader earned 612 $SOL ($104K) on $PFI with just 20 $SOL ($3.4K) 11 hours ago, a gain of 30x!”
The rise of memecoins
The memecoins continue to make their way. Among the most famous, right in mid-July, it was analyzed how Pepe (PEPE) and Dogwifhat (WIF) are recording significant growths, surpassing Bitcoin, Ethereum, and Solana.
And in fact, at that moment, the memecoin sector valued at 53 billion dollars, had seen a general growth of 12%, with PEPE and WIF that had increased by 22% and 25% respectively.
At the time of writing, however, the price drops of the main memecoins seem to be greater compared to BTC and ETH.
For example, PEPE and WIF are in a price dump in the last seven days of respectively -14% and -27%, while BTC and ETH are in a dump of -4% and -3%.
Besides the main memecoins and those of makenowmeme, there are other memecoins that since early July have started to become popular on the web.
These are the memecoins inspired by the potential replacements for Joe Biden as the presidential candidate for the Democratic Party. And indeed, within 24 hours, coins like “Kamala Coin” and “Buttigieg Bucks” had recorded a surprising growth.
