X Suspends MakeNowMeme’s Account

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

The project’s website stated that developers are attempting to regain access to the account, having paused the issuance of new tokens.

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

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.

The platform employs a mechanism similar to the meme coin generator Pump.fun on Solana.

Upon reaching a certain purchase volume, MakeNowMeme automatically transfers all asset liquidity to the decentralized exchange Raydium, then gradually burns it.

According to the website, the market capitalization of the largest token, Dogs, created using the tool, is $181,000.

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.”

Disappointing Statistics

According to the Dune 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.

“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 Cinneamhain Ventures partner Adam Cochran.

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

“All this suggests that we are finally moving away from the meme cycle.”

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.

pump fun didn’t ruin memecoins it just pulled back the curtain on how the sausage is made and made it very easy to make aforementioned sausage

market was simply given what it wanted

— bunjil (@bunjil) August 1, 2024

“Pump.fun didn’t ruin memecoins; it just pulled back the curtain on how the sausage is made and made it very easy to make aforementioned sausage. The market was simply given what it wanted,” stated a user under the nickname bunjil.

Despite the small proportion of “successful” launches, transaction fees on the platform remain high. In total, Pump.fun has earned $81.5 million in fees.

On July 1, the project’s daily revenue reached $1.99 million, surpassing Ethereum in this metric.

Earlier, the cryptocurrency data service DEX Screener also launched a competing platform for creating meme coins on Solana, called Moonshot.