Elon Musk’s social media platform X has suspended the “makenowmeme” account, which allowed users to create memecoins through simple posts. The account, with 15,000 followers, was taken down on August 2.
The “makenowmeme” system enabled users to generate memecoins by posting a specific format that included a $ticker symbol, coin description, and a tag. Users could also attach images or videos.
The process involved buying tokens on a bonding curve, which were then traded on the Solana decentralized exchange, Raydium, and subsequently burned. This method was similar to the pump.fun Solana memecoin generator.
Before its suspension, “makenowmeme” saw significant activity with its top token ‘Dogs’ reaching a $184,000 market cap. The platform also airdropped MNM tokens to hit certain market cap and volume targets.
Profits from these tokens were notable. One trader made a profit of 4,721 SOL, approximately $800,000, in just one hour by trading a token called CTO. This trader initially spent 50 SOL to acquire 257 million CTO tokens and sold 228 million CTO for 4,771 SOL.
On July 31, Alex Svanevik, CEO of on-chain analytics platform Nansen, launched a memecoin called IQ using “makenowmeme” to test new technology. The token’s value and market cap saw a significant rise upon launch.
Elon Musk’s decision to suspend the “makenowmeme” account highlights X’s commitment to enforcing its rules, even as innovative tools face scrutiny. This move could stifle creativity in memecoin creation but ensures platform compliance.
Update: After 2 hours, X un-suspended ‘makenowmeme’ account.
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