X Un-Suspends MakeNowMeme, an Account That Lets Users Launch Solana Memecoins With a Post

On August 2, 2024, users on X discovered that the MakeNowMeme account had been suspended. The reason given was a purported violation of the platform’s rules.

Popular account MakeNowMeme on social media platform X was briefly suspended on August 2. The account, which had amassed a following of 15,000 users, was known for its unique feature that allowed users to create their own memecoins with a simple post.

However, the suspension was short-lived, and the account is now back online.

On August 2, users on X discovered that the MakeNowMeme account had been suspended. The reason given was a purported violation of the platform’s rules. This caused quite a stir in the community, as the account had become a popular tool for creating memecoins on the Solana blockchain.

Before the suspension, you’ll recall that on-chain analytics Nansen CEO Alex Svanevik had “tested out” MakeNowMeme by launching a new token IQ on July 31, saying on X “some tech a friend built,” but immediately added a caveat for his followers.

The same day, data from DEXScreener, a crypto data platform, showed the IQ token rose to a market cap of $5 million, which as of 11:22 a.m. ET (15:22 UTC) was cruising with a 1-day impressive 7,000% increase of $0.0061 and 0.00003370 SOL.

The MakeNowMeme account had a unique feature where users could create their own memecoins by posting in a specific format. The post needed to include a $ticker with the token name, a description of the coin, and a tag @makenowmeme, with the option to attach an image or video. Once enough people bought on the bonding curve, liquidity was deposited on the Solana decentralized exchange Raydium and then burned.

Following the suspension, the team behind MakeNowMeme paused the minting of tokens and stated on their website that they were looking to restore the account. The account was indeed restored, but as of now, its full functionality has yet to be enabled.

The suspension of the MakeNowMeme account had a significant impact on the memecoin community. According to the site, the top token, ‘ Dogs,’ had a market capitalization of $184,000.

A trader made 4,721 $SOL($802.5K) on $CTO in just 1 hour, a gain of 94x! 😱

@RaydiumProtocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago.

This trader spent 50 $SOL($8.5K) to buy 256.8M $CTO and was the 3rd address to buy $CTO.

He then sold 227.67M $CTO for 4,771… pic.twitter.com/rSKOTVknx7

Moreover, one trader made 4,721 SOL (around $800,000) on a MakeNowMeme token called CTO in just an hour, on-chain analytics Lookonchain posted on X.