X Restores Access to Account for Creating Memecoins via X Posts

• X has reinstated the MakeNowMeme account, which allows users to create Solana-based memecoins through a tweet.
• MakeNowMeme led users to create memecoins by tweeting in a specific format and tagging the account.

The MakeNowMeme account on X, formerly known as Twitter, has been restored following a brief suspension. The account, which previously allowed users to create Solana-based memecoins with a single tweet, is now active again, with minting and user interactions restored.

Earlier today, X temporarily suspended MakeNowMeme, citing violations of its platform rules. The account, which has 15,000 followers, used to create memecoins via a specific tweet format. Users would launch their token by including a dollar sign followed by the ticker symbol. They would also need to provide the token name, description, and optional media. Finally, tagging the account completes the launch process.

Memecoin Craze Intensifies

The platform’s suspension came amidst growing concerns about the memecoin craze, which has increased in 2024. This trend saw significant momentum in late July as Solana-based memecoins outpaced global market gains. The influx of new tokens led to increased activity on decentralized exchanges like Raydium, where liquidity was managed through a burn mechanism similar to other coins platforms.

With the growing popularity of memecoins and the increasing use of decentralized platforms, the need for clear guidelines and anti-scam measures becomes more pressing. According to Lookonchain, many people engaged in these trades have already gained huge profits.

Adding to the excitement, Nansen’s CEO, Alex Svanevik, participated in the memecoin surge by launching his own token named IQ on MakeNowMeme. Svanevik, who described his involvement as a tech test, advised his followers to approach with caution, reflecting the speculative nature of the current memecoin market.

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