A few hours back, social platform X suspended MakeNowMeme’s account which allowed users to launch their own Solana-based meme coins by just posting a tweet. The suspension note pointed out that the account had allegedly violated the platform’s rules.
The suspension, however, was soon revoked. On the heels of this development, minting went live too.
To mint a coin using MakeNowMeme, users merely have to tweet using the particular format, i.e., “ $ticker description.” Towards the end, the ‘makenowmeme’ account needs to be tagged to instigate the launch.
Furthermore, users can also optionally add either an image or video alongside. As of press time, the top tokens created using the platform had market caps of around $200k.
Earlier this week, Alex Svanevik, the CEO of Nansen, launched a new Solana-based meme coin with the ticker IQ. Within a day it amassed a $5 million market cap. The executive warned users that he was merely "Testing some tech a friend built,” and asked users not to ape-in.
Over the past day the price of the token shrunk by 41%, bringing down its market cap to $571k.
Meanwhile, another cat-related token created ended up amassing a $10k liquidity within a span of 5 minutes post launch.
Similar to Pump.fun’s blueprint, once a certain number of users buy a newly minted MakeNowMeme token, its liquidity is posted onto Raydium. It then eventually gets burned.
The road, nevertheless, has been bumpy for such platforms. Leaving aside the latest development, it is worth recalling that Pump.fun fell victim to a flash loan attack exploit a couple of months back.
The hacker allegedly deceived the bonding curves into accepting SOL tokens that he had borrowed via the flash loan. The transactions passed through, but the bonding curves were being filled up with non-legitimate SOL. Essentially, Stacc was able to get away by keeping the tokens without actually having to pay for them.
