TLDR
- X (formerly Twitter) suspended the “makenowmeme” account on August 2
- The account allowed users to create memecoins through simple posts
- It had 15,000 followers and was suspended for violating X’s rules
- Users could generate memecoins by posting a specific format including a $ticker symbol
- Some traders made significant profits, with one earning about $800,000 in an hour
X, the social media platform formerly known as Twitter, has suspended an account that allowed users to create memecoins through simple posts.
The account, called “makenowmeme,” had 15,000 followers and was taken down on August 2 for allegedly violating X’s rules.
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 “makenowmeme” system provided a way for users to generate memecoins by posting a specific format on X. This format included a $ticker symbol with the token name, a description of the coin, and a tag to @makenowmeme. Users also had the option to attach an image or video to their post.
The process involved buying tokens on what’s called a bonding curve. When enough people bought these tokens, liquidity was added to Raydium, a decentralized exchange on the Solana blockchain.
The tokens were then burned, or removed from circulation. This method was similar to another Solana memecoin generator called pump.fun.
Before its suspension, “makenowmeme” saw significant activity. Its top token, named ‘Dogs,’ reached a market cap of $184,000. The platform also offered airdrops of MNM tokens when the memecoins hit certain market cap and volume targets.
Some traders made notable profits using this system. According to Lookonchain, an on-chain analytics platform, one trader earned about 4,721 SOL (worth around $800,000) in just one hour.
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
This trader spent 50 SOL to buy 257 million tokens of a memecoin called CTO. They then sold 228 million CTO for 4,771 SOL, making a profit of 4,721 SOL.
Even Alex Svanevik, the CEO of Nansen, another on-chain analytics platform, tried out the system. On July 31, he launched a memecoin called IQ using “makenowmeme.” Svanevik said he was “testing some tech a friend built” and warned his followers not to invest heavily in it.
Despite this warning, the token’s price and market cap increased significantly on the day it launched.
The suspension of the “makenowmeme” account has paused all minting activities. The account owners have stated on their website that they are now trying to restore the account.
This event comes at a time when memecoins are gaining attention in the crypto world. According to CoinGecko, a cryptocurrency data platform, memecoins currently make up about 2% of the total crypto market cap, worth around $48 billion.
The suspension of “makenowmeme” shows that even as new and creative tools emerge in the crypto space, they must still follow the rules of the platforms they operate on. While some users made significant profits, others may have lost money in these high-risk, speculative tokens.
