As a seasoned analyst with over two decades of experience in the digital asset market, I’ve seen countless platforms rise and fall, innovate and stagnate, and everything in between. The recent suspension of Elon Musk’s X platform’s “makenowmeme” account is an intriguing development, to say the least.
On August 2nd, Elon Musk’s social media platform X temporarily shut down the “makenowmeme” account, a space where users could mint meme-based cryptocurrencies by just posting content. With approximately 15,000 followers, this account was reportedly suspended due to breaching X’s terms and conditions.
In simple terms, the “makenowmeme” system allowed users to create their own digital currencies, or “memecoins”, by following a particular format. This format required them to include a unique identifier ($ticker symbol), a brief description of the coin, and a specific tag. Additionally, users could add related images or videos to make their meme more engaging.
The process involved buying tokens on a bonding curve, which were then traded on the Solana decentralized exchange, Raydium, and subsequently burned. This method was similar to the pump.fun Solana memecoin generator.
Prior to its halt, the meme-creation platform “makenowmeme” experienced high levels of engagement, with its leading token ‘Dogs’ amassing a market capitalization of $184,000. Moreover, the platform distributed MNM tokens as rewards for meeting specific market cap and trading volume thresholds.
Significant profits were earned from these digital tokens. A trader managed to make a profit of around 4,721 Solana (SOL), equivalent to approximately $800,000, within an hour by dealing with the token named CTO. This trader initially invested 50 SOL to obtain about 257 million CTO tokens and later sold 228 million CTO for a total of 4,771 SOL.
On the 31st of July, the CEO of the on-chain analytics platform, Nansen, named Alex Svanevik, unveiled a memecoin known as IQ. He utilized the tool “makenowmeme” to debut this coin and test out new technology. Immediately following its launch, the value and market capitalization of IQ experienced a substantial surge.
Elon Musk’s decision to suspend the “makenowmeme” account highlights X’s commitment to enforcing its rules, even as innovative tools face scrutiny. This move could stifle creativity in memecoin creation but ensures platform compliance.
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2024-08-02 11:01