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Elon Musk’s social media platform X suspended an account that allowed users to create memecoins with a single post. The account named makenowmeme, which had 15,000 followers, was suspended on August 2 for allegedly violating platform rules. The account owners stated on their website that they want to restore the account and that the minting process is currently halted.
What’s Happening in the Memecoin Space?
The system allowed users to post on X using a specific format. The post needed to include only the token name, a description of the token, and an option to add an image or video with the makenowmeme tag.
It was explained that when a sufficient number of people made purchases, the liquidity was deposited into Solana’s decentralized exchange Raydium and then burned. Pump Fun also uses a similar mechanism in the Solana ecosystem for the memecoin process. According to the site, the top token named Dogs had a market value of $184,000. The platform also provided an MNM token airdrop event when memecoin projects reached certain market value and volume milestones.
Lookonchain reported that degens buying and selling these memecoin projects had already made significant profits. One investor earned about $800,000 worth of 4,721 SOL in just one hour with the makenowmeme token named CTO. They spent 50 SOL to buy 257 million CTO and became the third address to purchase the memecoin. Later, they sold 228 million CTO for 4,771 SOL, making a profit of 4,721 SOL, as reported by the onchain data analysis platform on August 1.
Details on the Subject
Even Alex Svanevik, CEO of another onchain data analysis platform Nansen, got involved and launched a memecoin named IQ on makenowmeme on July 31. At that time, he warned his followers not to imitate him, stating that he was testing a technology developed by a friend. According to DEXScreener, the token’s prices and market value increased on the launch day.
As reported, memecoin projects in the Solana ecosystem achieved significant gains in late July, outperforming the broader crypto market. According to CoinGecko, memecoin projects currently make up 2% of the total crypto market value at $48 billion.
