The popular account MakeNowMeme on the social media platform X was briefly suspended. The account, which had amassed a following of 15,000 users, was known for its unique feature that allowed users to create their own memecoins with a simple post. However, the suspension was short-lived, and the account is now online.
NEW: @X UN-SUSPENDS @makenowmeme, AN ACCOUNT THAT LETS USERS LAUNCH SOLANA MEMECOINS WITH A POST pic.twitter.com/xMDQV8Gqkf
— DEGEN NEWS (@DegenerateNews) August 2, 2024
On August 2, 2024, users on X discovered that the MakeNowMeme account had been suspended. The reason given was a purported violation of the platform’s rules. This caused quite a stir in the community, as the account had become a popular tool for creating memecoins on the Solana blockchain.
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
Before the suspension, you’ll recall that on-chain analytics Nansen CEO Alex Svanevik had “tested out” MakeNowMeme by launching a new token IQ on July 31, saying on X “some tech a friend built,” but immediately added a caveat for his followers.
The same day, data from DEXScreener, a crypto data platform, showed the IQ token rose to a market cap of $5 million, which as of 11:22 a.m. ET (15:22 UTC) was cruising at a 1-day impressive 7,000% increase of $0.0061 and 0.00003370 SOL.
testing some tech a friend built! don't ape this thing goddamnit
— Alex Svanevik (@ASvanevik) July 31, 2024
MakeNowMeme made memecoin creation easy
The MakeNowMeme account had a unique feature where users could create their own memecoins by posting in a specific format. The post needed to include a $ticker with the token name, a description of the coin, and a tag @makenowmeme, with the option to attach an image or video. Once enough people bought on the bonding curve, liquidity was deposited on the Solana decentralized exchange Raydium and then burned.
https://t.co/Ax491TXfAD lets anyone launch a meme coin directly from a tweet on Xhow to make a meme coin token on Xtweet using this format : $ticker description @makenowmemeand optionally attach an image or videostep by step:1) tweet beginning with a $ sign and ticker…
— makenow.meme (@makenowmeme) July 31, 2024
Following the suspension, the team behind MakeNowMeme paused the minting of tokens and stated on their website that they were looking to restore the account. The account was indeed restored, but as of now, its full functionality has yet to be enabled.
The suspension of the MakeNowMeme account had a significant impact on the memecoin community. According to the site, the top token, ‘ Dogs,’ had a market capitalization of $184,000.
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
Furthermore, one trader reportedly made 4,721 SOL (worth around $800,000) on a MakeNowMeme token called CTO in just an hour, on-chain analytics Lookonchain posted on X.
The post UPDATE: Briefly Suspended MakeNowMeme’s X Account Now Back Online appeared first on Coinfomania.
