Elon Musk's microblogging site X has suspended an account that allowed users to create meme coins from a single post on the social media platform.
The account, called "makenowmeme
" with 15,000 followers, was suspended for allegedly violating the platform's rules, as X users learned on Aug. 2.
the alleged owner of the account told the site that he is currently suspended from mining and wants to reinstate it.
the system allowed users to post on X in a certain format. The posts had to contain a $ticker with the name of the #token , a description of the coin and a tag @makenowmeme with the option to attach an image or video.
As soon as enough people purchased the bond curve, the liquidity would be placed on Solana's decentralized Raydium exchange and then burned, the post explained. The mechanism is similar to Solana's Pump. fun memcoin generator.
The site said the market capitalization of the top token, called Dogs, was $184,000. The platform also offered MNM token resets when the memcoins reached certain milestones in terms of market capitalization and trading volume.
According to Lookonchain, the degenes trading these Mimcoins have already made significant profits. One trader made 4,721 #SOL worth about $800,000 in just one hour using a macen token called CTO.
He used 50 SOL to buy 257 million CTOs, becoming the third recipient to buy this mimcoin. He then sold 228 million CTOs for 4,771 SOL, making a profit of 4,721 SOL, the on-chain analytics platform said on Aug. 1.
Alex Svanewik, CEO of analytics platform Nansen, also got in on the action by announcing a mime coin called #IQ on July 31 on makenowmeme. CEO Svanevik said at the time that he was "testing a technology created by a friend, and urged subscribers not to get carried away with IQ.
p According to DEXScreener, the price and market value of the token skyrocketed on the day of its launch.
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