{"id":15784,"date":"2024-08-02T12:19:20","date_gmt":"2024-08-02T09:19:20","guid":{"rendered":"https:\/\/forklog.com\/en\/x-suspends-makenowmemes-account\/"},"modified":"2024-08-02T12:19:20","modified_gmt":"2024-08-02T09:19:20","slug":"x-suspends-makenowmemes-account","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/x-suspends-makenowmemes-account\/","title":{"rendered":"X Suspends MakeNowMeme’s Account"},"content":{"rendered":"

The social network X has suspended the account of MakeNowMeme, a platform that enabled the creation of meme tokens on Solana through post publications.<\/p>\n

\"X
Source: X.<\/figcaption><\/figure>\n

The project’s website stated that developers are attempting to regain access to the account, having paused the issuance of new tokens.<\/p>\n

\"X
Source: makenow.meme<\/a>. <\/figcaption><\/figure>\n

After some time, the project’s account was reinstated, but as of writing, the ability to create meme coins has not been restored.<\/p>\n

\"X
Source: X<\/a>. <\/figcaption><\/figure>\n

MakeNowMeme facilitated a straightforward process for launching meme coins. Users of X only needed to publish a message with the desired coin ticker, description, and image.<\/p>\n

The platform employs a mechanism similar to the meme coin generator Pump.fun on Solana.<\/p>\n

Upon reaching a certain purchase volume, MakeNowMeme automatically transfers all asset liquidity to the decentralized exchange Raydium, then gradually burns it.<\/p>\n

According to the website, the market capitalization of the largest token, Dogs, created using the tool, is $181,000.<\/p>\n

Shortly before the suspension, even Nansen CEO Alex Svanevik used the project account to create his own meme token. He launched a coin with the ticker IQ, testing a technology developed by “his friend.”<\/p>\n

Disappointing Statistics<\/h2>\n

According to the Dune<\/a> dashboard, only 1.4% of coins created with Pump.fun make it to Raydium. The historical peak of 2.56% was recorded on February 16.<\/p>\n

\"X
Successful coin launches on Pump.fun. Source: Dune.<\/figcaption><\/figure>\n
\n

“The percentage of ‘graduated’ coins on Pump.fun (those reaching a market cap of $69,000 and listed on an exchange) stagnates at around 1.4%,” commented<\/a> Cinneamhain Ventures partner Adam Cochran.<\/p>\n<\/blockquote>\n

He noted that none of the new participants surpassed an FDV of $20 million, and memes continue to suffer from any minor volatility:<\/p>\n

\n

“All this suggests that we are finally moving away from the meme cycle.”<\/p>\n<\/blockquote>\n

However, other community members believe that the figure does not reflect the overall state of the meme token market but merely demonstrates how easy it is to create such assets now.<\/p>\n

\n

pump fun didn\u2019t ruin memecoins it just pulled back the curtain on how the sausage is made and made it very easy to make aforementioned sausage<\/p>\n

market was simply given what it wanted<\/p>\n

\u2014 bunjil (@bunjil) August 1, 2024<\/a><\/p><\/blockquote>\n