Elon Musk’s X Suspends Makenowmeme Account: The Future of Memecoins on Social Media
Elon Musk’s micro-blogging site X has suspended the popular account “makenowmeme,” which allowed users to create memecoins with a single post. This account, boasting 15,000 followers, was found to be in violation of the platform’s rules, leading to its suspension on August 2nd.
The “makenowmeme” account revolutionized the way memecoins were minted by simplifying the process to a mere social media post. Users only needed to include a $ticker with the token name, a description of the coin, and tag @makenowmeme, optionally attaching an image or video. This ingenious method allowed for the seamless creation of new digital assets directly through social media interactions.
The Suspension and Its Impact
The sudden suspension of the “makenowmeme” account has left many of its users in dismay. According to a statement on their website, the account’s owners are actively working to restore it, while the minting process has been temporarily paused. This has created a temporary void in the innovative space where social media and blockchain technology intersect.
The “makenowmeme” system used a unique approach to liquidity and trading. Once a memecoin garnered enough interest and purchases, liquidity was deposited on the Solana decentralized exchange Raydium and then burned. This mechanism is similar to that of pump.fun, another Solana memecoin generator. The process ensured that the coins had a real market value and were tradable on a decentralized platform.
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One of the standout tokens on the platform, named ‘Dogs,’ reached a market capitalization of $184,000. The platform also incentivized users with MNM token airdrops once memecoins hit specific market cap and volume milestones, fostering a vibrant and engaging community.
Makenowmeme Profits and Popularity
The memecoin craze on “makenowmeme” was not just for fun—significant profits were at stake. On-chain analytics platform Lookonchain reported that traders had made considerable gains trading these tokens. In a notable instance, a trader earned 4,721 SOL (approximately $800,000) within an hour by trading a memecoin named CTO. The trader spent 50 SOL to acquire 257 million CTO tokens and subsequently sold 228 million CTO for 4,771 SOL, achieving a substantial profit.
Even prominent figures in the blockchain space participated in the “makenowmeme” frenzy. Alex Svanevik, CEO of on-chain analytics platform Nansen, launched a memecoin called IQ on July 31st. Although he cautioned his followers against impulsively buying the token, the prices and market cap surged on the day of its launch, as tracked by DEXScreener.
Memecoins within the Solana ecosystem experienced significant gains towards the end of July, outperforming the broader cryptocurrency market. This surge in activity highlighted the increasing interest and potential profitability in this niche segment of the crypto world. Cointelegraph reported these gains, which were further substantiated by CoinGecko’s data indicating that memecoins currently account for 2% of the total cryptocurrency market capitalization, valued at $48 billion.
What’s Next for Memecoins on Social Media?
The suspension of the “makenowmeme” account raises questions about the future of memecoin creation on social media platforms. The account’s innovative approach demonstrated the potential for integrating blockchain technology with social media, offering a new avenue for digital asset creation and trading.
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As the owners of “makenowmeme” work to restore the account, the broader community is left to ponder the implications of this suspension. Will other platforms adopt similar models, or will stricter regulations curb such innovations? Only time will tell.
