Memecoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/musks-platform-x-suspends-account" data-wpel-link="internal" rel="noopener noreferrer nofollow">Musk’s Platform X Suspends Account</a><br></p>
<p style="text-align: justify"><a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">Elon Musk</a>‘s social media platform X has taken action to suspend an account known as makenowmeme, which was instrumental in enabling users to create memecoins with a single post. This account, which had a following of 15,000 users, was suspended on August 2 for purportedly breaching the platform’s rules. The account’s operators have expressed their intent to restore functionality and have temporarily halted the minting process.</p>
<h2 id="what-s-happening-in-the-memecoin-space">What’s Happening in the Memecoin Space?</h2>
<p style="text-align: justify">The makenowmeme system permitted users to generate posts on X using a structured format. These posts required the inclusion of a token name, a brief description, and optionally an image or video with the makenowmeme tag. This process facilitated easy creation and promotion of memecoins.</p>
<p style="text-align: justify">When a sufficient number of users engaged with these posts by making purchases, the liquidity was subsequently transferred to Solana’s decentralized exchange, Raydium, and then burned. A similar mechanism is employed by Pump Fun within the Solana ecosystem for <a href="https://en.bitcoinhaber.net/pepe-coin-hits-new-price-record" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> operations. The leading token, Dogs, reportedly achieved a market value of $184,000. Additionally, the platform conducted MNM token airdrop events upon reaching specific market value and volume milestones.</p>
<p style="text-align: justify">Lookonchain revealed that early <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> in these memecoin projects have seen substantial profits. One notable case involved an investor who earned approximately $800,000 worth of 4,721 SOL in just an hour from a token named CTO on makenowmeme. This individual initially bought 257 million CTO with 50 SOL and later sold 228 million CTO for 4,771 SOL, netting a profit of 4,721 SOL according to onchain data from August 1.</p>
<h2 id="details-on-the-subject">Details on the Subject</h2>
<p style="text-align: justify">Prominent figures have also participated in the memecoin trend. Alex Svanevik, CEO of the onchain data analysis platform Nansen, launched a memecoin called IQ on makenowmeme on July 31. He advised followers not to follow his lead, stating he was testing technology developed by a friend. This token saw its market value and prices surge on its first day, according to DEXScreener data.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– **High Profits:** Early engagement in memecoin projects can yield significant returns, as evidenced by investors making substantial gains in short periods.<br> – **Platform Risks:** The suspension of makenowmeme highlights the potential volatility and regulatory risks associated with these platforms.<br> – **Market Trends:** Memecoin projects have been gaining traction, contributing to 2% of the total crypto market value, currently estimated at $48 billion.</p>
<p style="text-align: justify">Memecoin projects within the Solana ecosystem have seen notable gains in recent months, often exceeding the performance of the broader cryptocurrency market. According to CoinGecko, these projects currently constitute 2% of the overall crypto market value, amounting to $48 billion.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/musks-platform-x-suspends-account" data-wpel-link="internal" rel="noopener noreferrer nofollow">Musk’s Platform X Suspends Account</a></h5>

Musk’s Platform X Suspends Account

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