Elon Musk's social media platform X has suspended an account that allowed users to create memecoins with just a post on the social media platform. Specifically, an account called “makenowmeme” with 15,000 followers was suspended for allegedly violating the rules, users on X discovered on August 2.
On its website, the account owner states that they are currently looking to reinstate the account and that token minting has been paused.
Makenowmeme account suspended. Source: X
The system provides users with a way to post on X using the established format. The post simply includes a $ticker with the token name, coin description, and the tag @makenowmeme with the option to attach an image or video.
It explains that when enough buyers are on the bonding curve, liquidity is deposited into the Solana Raydium decentralized exchange and then burned by a mechanism similar to the memecoin generator pump.fun on Solana.
According to the website, the leading token named ‘Dogs’ has a market capitalization of $184,000. The platform also offers MNM token airdrops when memecoins reach certain volume and market capitalization milestones.
Memecoin is created by the foundation. Source: makenow.meme
According to Lookonchain, those trading these memecoins have made significant profits. One trader has earned 4,721 SOL worth around $800,000 thanks to a makenowmeme token called CTO in just one hour.
They spent 50 SOL to buy 257 million CTO and are the third place to buy memecoin. They then sold 228 million CTOs for 4,771 SOL and made a profit of 4,721 SOL.
Even the CEO of chain analytics platform Nansen, Alex Svanevik, got in on the action, launching a memecoin called IQ on makenowmeme on July 31. At the time, he said he was “testing a some technology a friend built” and urged followers not to buy.
Source: X
Memecoins in the Solana ecosystem saw significant gains at the end of July, outperforming the overall crypto market, which now accounts for 2% of the total crypto market capitalization at $48 billion.
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