X Blocks an Account Using Posts to Launch New Memecoins

An account on X provided a way for other users to create and launch memecoins on Solana. Users can easily create and launch the memecoins with a normal post on popular social media.

According to sources, the account makenowmeme has already gained 15,000 followers since users discovered it. The giant social platform recently discovered and suspended the account for violating its rules.

Innovative System Allows Users to Create Memecoins On Solana

The account provided a format that users must follow appropriately to create the coin successfully. This format involved a structured posting format, and its mechanisms are tied to the Solana blockchain, especially the Raydium decentralized exchange.

Before posting, the user is expected to provide the token name, a ticker to accompany it, and the coin description. The user must also tag @makenowmeme on the post with an image or video attachment.

According to the account, the system uses a bonding curve mechanism that guarantees that token prices will increase as more people buy them.

Once buyers have purchased a sufficient number of tokens, the X account deposits the liquidity on the Raydium decentralized exchange on the Solana blockchain. The tokens are then burned to increase scarcity and raise the value of the remaining tokens.

Furthermore, the account described that the mechanism is similar to that which Pump.fun uses. Pump.fun is a platform popularly used for generating memecoins on the Solana blockchain.

The account's website shows that Dogs is the leading token with a $184,000 market capitalization. The platform also provides MNM tokens as rewards, which will be distributed through airdrops.

However, these rewards will be given when the memecoins reach certain milestones in market capitalization and trading volume.

Memecoins on Solana Yield Massive Profits

As reported by Lookonchain analytics platform on August 1, makenowmeme memecoins yielded massive profits to Degen traders.

In an hour, a particular trader realized 4,721 SOL, which is equivalent to $800,000, just from a makenowmeme token. Initially, this trader, who was the third address to buy the memecoin, spent 50 SOL in purchasing 257 million CTO tokens.

Subsequently, the trader sold off 228 million of the CTO tokens for 4,771 SOL, making a huge profit of 4721 SOL.

On seeing this, Alex Svanevik, the CEO of Nansen, an on-chain analytics platform, swung into action. He launched a memecoin on makenowmeme on July 31 and named it IQ.

According to him, he wanted to test the tech built by a friend but had urged followers not to rush into it. However, as DEXScreener reported, the token's market cap surged on the day of its launch.

Generally, the memecoins on the Solana ecosystem performed above expectations late in July. Cointelegraph reported that memecoins gains were so significant, rising above the wider crypto market.

On Coingecko, memecoins make up 2 percent of the entire crypto market capitalization with a total of $48 billion.

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