X Shuts Down Memecoin Creator Account
YEREVAN (CoinChapter.com) — On August 2, Elon Musk’s platform, X, suspended the “makenowmeme” account. This account, which had 15,000 followers, allowed users to create memecoins with a simple post. Subsequently, users on X discovered that the suspension was due to the account allegedly violating platform rules. In response, the account’s owners announced on their website that they are working to restore it. Meanwhile, minting has been paused.
X Suspends makenow.meme for Rule Violation. Source: @DegenerateNews How ‘makenowmeme’ Enabled Easy Memecoin Creation on Solana
The “makenowmeme” system let users create memecoins by posting on X with a specific format. The post needed a $ticker for the token name, a description, and the @makenowmeme tag. Users could also attach an image or video. Once enough people bought into the token, liquidity was added to Solana’s decentralized exchange, Raydium, and then burned. This method was similar to the pump.fun Solana memecoin generator.
The platform had several active tokens, with the top one, ‘Dogs,’ reaching a market capitalization of $184,000. The platform also planned to distribute MNM tokens when certain market cap and volume milestones were hit. These plans are currently on hold.
Memecoins generated by the platform. Source: makenow.meme Traders Reap Quick Profits with Memecoins: $802K Gain in 1 Hour and More
Some traders made significant profits through “makenowmeme.” One trader made 4,721 SOL, about $800,000, within an hour. They bought 257 million CTO tokens for 50 SOL and sold 228 million CTO, making a large profit. On-chain analytics platform Lookonchain reported this transaction, showcasing the potential for quick gains.
Trader Makes $802K in 1 Hour on CTO Token. Source: @lookonchain
Alex Svanevik, CEO of Nansen, also used the platform. On July 31, he launched a memecoin called IQ, explaining that he was “testing some tech a friend built.”
IQ Memecoin Launch Visual by Alex Svanevik. Source: @ASvanevik
Despite advising caution, the token’s price and market cap increased on launch day, according to DEXScreener.
IQ Token Price Chart on Raydium. Source: dexscreener.com
The post X Shuts Down Memecoin Creator Account appeared first on CoinChapter.
