Elon Musk’s social media platform, X, recently suspended an account named “makenowmeme,” which allowed users to create memecoins using a simple post. The suspension, which occurred on August 2, left its 15,000 followers in the dark and halted the minting process. The account’s owners have since expressed their intention to restore it.
The “makenowmeme” system provided a straightforward way for users to launch memecoins on the Solana blockchain. Users only needed to post on X using a specific format, which included a ticker with the token name, a description, and a tag to @makenowmeme. An optional image or video could also be attached. The system utilized a bonding curve mechanism, where liquidity was deposited on the Solana decentralized exchange Raydium and subsequently burned. This method is reminiscent of the pump.fun Solana memecoin generator.
One notable memecoin generated by the platform was “Dogs,” which achieved a market capitalization of $184,000. Additionally, the platform offered an airdrop of MNM tokens when certain market cap and volume milestones were reached. According to Lookonchain, traders engaging with these memecoins have seen significant profits. For instance, one trader made 4,721 SOL, worth around $800,000, on a memecoin called CTO within an hour. The trader initially bought 257 million CTO for 50 SOL and later sold 228 million CTO for 4,771 SOL, realizing a substantial profit.
Even prominent figures in the crypto world took notice. Alex Svanevik, CEO of the onchain analytics platform Nansen, launched a memecoin called IQ on “makenowmeme” on July 31. He mentioned he was testing a friend’s technology and advised followers not to invest heavily. Despite his caution, the token’s prices and market cap surged on the launch day, as reported by DEXScreener.
Memecoins within the Solana ecosystem experienced significant gains in late July, outperforming the broader crypto market. According to CoinGecko, memecoins currently represent 2% of the total crypto market capitalization, amounting to $48 billion.
This incident highlights the volatile yet lucrative nature of the memecoin market. The suspension of “makenowmeme” raises questions about the future of such platforms and their adherence to social media regulations. As the crypto landscape evolves, the intersection of social media and blockchain technology continues to present both opportunities and challenges.
