The "makenowmeme" account on X was suspended for breaching platform guidelines, affecting its 15,000 followers.
The platform allowed users to create memecoins by tagging the account and including a $ticker symbol and description.
The top memecoin generated, 'Dogs,' achieved a market capitalization of $184,000 before the suspension.
On August 2, users of the social media platform X noticed the suspension of an influential account known as "makenowmeme." Boasting 15,000 followers, the account faced restrictions for allegedly breaching platform guidelines. The service allowed users to generate memecoins by posting specific content, which included a ticker symbol, a brief description, and a call to tag the account.
Technical Details and Impact
The process involved a bonding curve where purchases increased the liquidity deposited on the decentralized exchange Raydium, followed by a burn event. This model mirrors the mechanics used by other memecoin generators such as pump.fun on the Solana blockchain.
The "makenowmeme" platform had seen significant activity with its top token, 'Dogs,' reaching a market cap of $184,000. The service also promoted airdrops of MNM tokens once certain milestones were achieved.
https://twitter.com/DegenerateNews/status/1819109855963074956 Trading Surge and Notable Profits
According to on-chain analytics from Lookonchain, one trader capitalized remarkably, netting 4,721 SOL—approximately $800,000—within an hour from the CTO memecoin. This individual was among the early buyers of the coin, purchasing 257 million CTO for 50 SOL and selling most of it at a substantial profit.
Additionally, Alex Svanevik, CEO of Nansen, partook in the memecoin frenzy, launching his own token called IQ as a technological test, which saw its value and market cap soar on its launch day.
Memecoins continue to carve a niche in the cryptocurrency market, now constituting 2% of the overall market cap, valued at around $48 billion. The recent upswing in Solana-based memecoins suggests a growing interest and market momentum, outstripping broader market movements.
The suspension of the "makenowmeme" account underscores the increasing scrutiny faced by platforms facilitating innovative but risky financial instruments. As memecoins continue to gain traction, their volatility and potential for significant profits attract both investors and regulatory attention.
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