TLDR
- “Makenowmeme” account on X allowed creation of Solana-based memecoins
- The account had 15,000 followers before suspension on August 2
- Users could create tokens by posting with specific format and tagging the account
- Some traders reported significant short-term profits from these memecoins
- X suspended the account for alleged rule violations, pausing all minting activities
A popular account on X, formerly Twitter, that enabled users to create memecoins through simple posts has been suspended. The account, known as “makenowmeme,” had amassed 15,000 followers before X took it down on August 2 for allegedly violating platform rules.
“Makenowmeme” provided a unique service that allowed X users to generate Solana-based memecoins by making a post with a specific format. Users would include a $ticker symbol for their new token, a brief description, and tag the @makenowmeme account. They could also add an image or video to their post if desired.
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
The system worked by using a bonding curve mechanism. When enough users bought the newly created tokens, liquidity would be added to Raydium, a decentralized exchange on the Solana blockchain. The tokens would then be burned, reducing the overall supply. This process was similar to other Solana memecoin generators like pump.fun.
Before its suspension, the platform saw significant activity. Its most successful token, named ‘Dogs,’ reached a market capitalization of $184,000. The platform also offered incentives in the form of MNM token airdrops when memecoins hit certain market cap and volume milestones.
Some traders reported making substantial profits in a short time using these memecoins. One trader, according to on-chain analytics platform Lookonchain, made a profit of 4,721 SOL (approximately $800,000) in just one hour. This trader initially spent 50 SOL to purchase 257 million tokens of a memecoin called CTO, then sold 228 million CTO for 4,771 SOL.
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
The platform attracted attention from notable figures in the crypto industry. Alex Svanevik, CEO of on-chain analytics platform Nansen, experimented with the system on July 31. He launched a memecoin called IQ, stating he was “testing some tech a friend built.” Despite Svanevik cautioning his followers not to invest heavily, the token’s price and market cap rose significantly upon launch.
The suspension of the “makenowmeme” account has halted all minting activities on the platform. The account owners have stated on their website that they are attempting to restore the account, though it’s unclear when or if this will happen.
This event occurs as memecoins are gaining increased attention in the cryptocurrency market. Data from CoinGecko shows that memecoins currently represent about 2% of the total crypto market capitalization, equating to around $48 billion.
