Social media platform X, owned by Elon Musk, has suspended the “makenowmeme” account.
This service allowed users to easily create memecoins with just a simple post. The account, boasting 15,000 followers, was removed on August 2nd for allegedly violating X’s user guidelines.
Makenowmeme offered a unique system for generating memecoins. Users could create them by posting in a specific format, including a $ticker symbol, a brief description of the coin, and a relevant tag. Additionally, users could attach images or videos to their creations.
The process involved purchasing tokens on a bonding curve. These tokens were then traded on Raydium, a decentralized exchange built on the Solana blockchain. Similar to other memecoin generators, these tokens were eventually burned.
Before the suspension, “makenowmeme” garnered significant activity. The platform’s most popular token, dubbed “Dogs,” even reached a market cap of $184,000. Additionally, MNM tokens were airdropped to users when specific market cap and volume targets were achieved.
Profits from these memecoins could be substantial. One trader managed to turn a profit of 4,721 SOL (roughly $800,000) in just one hour by trading a token called CTO. This trader initially invested 50 SOL for 257 million CTO tokens and later sold 228 million CTO for a staggering 4,771 SOL.
Alex Svanevik, CEO of Nansen (an on-chain analytics platform), even used “makenowmeme” to launch a test memecoin called IQ on July 31st. The token’s value and market cap experienced a significant surge upon launch.
The suspension of “makenowmeme” by Elon Musk’s platform X highlights their commitment to enforcing their user policies, even in the face of innovative tools. This move, while potentially stifling some creativity in memecoin creation, ultimately ensures platform compliance.