{"id":10806,"date":"2024-08-02T17:14:16","date_gmt":"2024-08-02T17:14:16","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=10806"},"modified":"2024-08-02T17:14:19","modified_gmt":"2024-08-02T17:14:19","slug":"x-suspends-account-enabling-memecoin-creation-via-posts","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/x-suspends-account-enabling-memecoin-creation-via-posts\/","title":{"rendered":"X Suspends Account Enabling Memecoin Creation via Posts"},"content":{"rendered":"\n

Elon Musk’s social media platform, X, has suspended the account “makenowmeme,” which allowed users to create memecoins with a single post. The account, boasting 15,000 followers, was taken down on August 2 for allegedly violating platform rules.<\/p>\n\n\n\n

How It Worked<\/h3>\n\n\n\n

The “makenowmeme” service enabled users to mint memecoins on the Solana blockchain by simply posting on X. Users would include a token name, description, and tag @makenowmeme, optionally attaching images or videos. Once enough people purchased the token, liquidity was deposited on the Solana decentralized exchange Raydium and subsequently burned, mirroring mechanisms used by other Solana-based memecoin generators like pump.fun.<\/p>\n\n\n\n

Impact and Notable Figures<\/h3>\n\n\n\n

The platform’s top token, named “Dogs,” reached a market capitalization of $184,000. According to Lookonchain, a notable trader made a substantial profit of 4,721 SOL (approximately $800,000) in just one hour by trading the memecoin CTO. This trader bought 257 million CTO for 50 SOL and later sold 228 million CTO for 4,771 SOL, netting a profit of 4,721 SOL.<\/p>\n\n\n\n

Also Read: Elon Musk Commits $45 Million Monthly to Pro-Trump Super PAC<\/a><\/p>\n\n\n\n

Even industry insiders participated in the trend. Alex Svanevik, CEO of the onchain analytics platform Nansen, launched a memecoin called IQ on July 31 using the “makenowmeme” service. Svanevik clarified that he was merely testing a friend’s technology and cautioned followers against investing heavily.<\/p>\n\n\n\n

Suspension and Aftermath<\/h3>\n\n\n\n

Following the suspension of “makenowmeme,” the account’s owners announced on their website that they are working to restore the service, with minting currently paused. The suspension comes amidst a growing trend of memecoins in the Solana ecosystem, which saw significant gains in late July, outperforming the broader crypto market.<\/p>\n\n\n\n

Memecoins have become a notable segment of the cryptocurrency market, accounting for approximately 2% of the total market capitalization, with a value of $48 billion according to CoinGecko.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk’s social media platform, X, has suspended the account “makenowmeme,” which allowed users to create memecoins with a single post. The account, boasting 15,000 followers, was taken down on August 2 for allegedly violating platform rules. 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