X has blocked an account that allows users to launch memecoins from X’s post
Elon Musk's social media platform X has banned an account that allows users to generate memecoins per post.
An account called “makenowmeme” with 15,000 followers was banned for violating the rules, according to X-Users on August 2.
On his website, the purported owners of the account say they are now looking to restore it, and it has stopped working.
The system provides a way for users to post on X using a structured format. The post only needs to provide a symbol with the token name, a description of the coin, and the option to attach an image or video to @makenowmeme.
He explained that when enough people buy on the Bonding Curve, liquidity sits on the radium of Solana's decentralized exchange and then burns. It uses the same method as the pump.fun Solana memecoin generator.
According to the site, the top token called “Dogs” had a capitalization of $184,000. The platform also offers an airdrop of MNM tokens when memecoins reach certain market capitalization and volume levels.
According to Lookonchain, djinns trading these memecoins have made huge profits. One trader made about $800,000 in one hour with a Mechanomim token called CTO worth 4,721 SOL.
The trader spent 50 SOL to buy 257 million CTO and was the third address to buy memecoin. Then they sold 228 million CTO for 4,771 SOL, making a profit of 4,721 SOL, the Onchain analysis platform reported on August 1.
Even Nansen, the CEO of onchain analytics platform, got in on the action and launched a memecoin called IQ on makenowmeme on July 31st. At the time, he cautioned his followers not to worry, saying he was “testing some technology that a friend built.” Monkey in.
According to DEXScreener, the token's price and market value increased on the day of its launch.
RELATED: MEW, WIF, and Solana memecoins rise on growing network activity
Memecoins in the Solana ecosystem saw huge gains at the end of July, outperforming the broader crypto market as reported by Cointelegraph.
According to CoinGecko, memecoins currently account for 2% of the total crypto market capitalization at $48 billion.
Magazine: Memecoins: Betraying Crypto Ideas… Or Its True Purpose?
