The social network X blocked the account of the MakeNowMeme platform, which allowed creating meme tokens on Solana by publishing posts.
Data: X.The project's website stated that the developers were trying to restore access to the account by suspending the release of new tokens.
Data: makenow.meme.After some time, the project account was unblocked, but at the time of writing, the team did not return the opportunity to create meme coins.
Data: X.The MakeNowMeme functionality provided a simple process for launching meme coins. In order to do this, user X only needed to post a message with the desired coin ticker, description and picture.
The platform uses a mechanism similar to the Pump coin meme generator.fun on Solana.
After reaching a certain volume of purchases, MakeNowMeme automatically transfers all the liquidity of the asset to the decentralized Raydium exchange, and then gradually burns it.
According to the website, the market capitalization of the largest Dogs token created using the tool is $181,000.
Shortly before the project account was blocked, even Alex Svanevik, CEO of Nansen, took advantage of the opportunity to create his own meme token. He launched a coin with an IQ ticker, testing the technology that "his friend" had developed.
Disappointing statistics
According to the Dune dashboard, only 1.4% are created using Pump.fun coins end up on Raydium. The historical maximum of 2.56% was recorded on February 16.
Successful coin launches on Pump.fun. Data: Dune."The percentage of "graduated" coins on Pump.fun (which have reached a capitalization of $69,000 and are listed on the stock exchange) is stagnating at about 1.4%," commented Adam Cochran, partner at Cinneamhain Ventures.
He noted that none of the new participants have overcome the FDV of $20 million, and memes continue to suffer from any minor volatility.:
"All this suggests that we are finally getting rid of the meme cycle."
However, other community members believe that the indicator does not reflect the general state of the meme token market, but only demonstrates how easy it is now to create such assets.
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
«Pump.fun did not destroy meme coins, but simply lifted the veil of mystery over how sausage is made, and made it very simple. The aforementioned sausage market was just given what it wanted," said a user under the nickname bunjil.
Despite a small proportion of "successful" launches, transaction fees on the platform remain high. A total of Pump.fun earned $81.5 million in commissions.
On July 1, the daily revenue of the project reached $1.99 million, ahead of Ethereum.
Recall that the DEX Screener cryptocurrency data service also launched on Solana a competing platform for creating meme coins called Moonshot.