Nansen CEO Launches Meme Token with Market Cap Surpassing $1 Million

Alex Svanevik, CEO of Nansen, has launched a meme coin named IQ on the Solana blockchain via the MakeNowMeme platform.

$IQ @makenowmeme pic.twitter.com/lYXHfB8iEQ

— Alex Svanevik ? (@ASvanevik) July 31, 2024

“Testing some technology developed by a friend,” he added. 

MakeNowMeme allows users to create meme tokens through a post on X. Users simply need to publish a post in a specific format. 

Once a sufficient number of traders purchase the new asset, its liquidity is automatically listed on the decentralized exchange Raydium. 

At the time of writing, IQ is trading at approximately $0.0012, having increased by 1350% in the past 24 hours. Its market capitalization stands at $1.19 million, according to GeckoTerminal. 

At its peak, the coin reached $0.013 but quickly corrected. Its daily trading volume exceeded $34 million. 

MakeNowMeme is similar to the platform pump.fun. On July 1, the latter’s daily revenue reached $1.99 million, surpassing Ethereum in this metric. 

Earlier, the cryptocurrency data service DEX Screener also launched a competing meme coin creation platform on Solana called Moonshot.