Elon Musk's social media platform X has suspended an account that allowed users to launch memecoins, affecting Solana traders.

Memecoin Minting Halted

An account that allowed users to create memecoins with a single post has been suspended from Elon Musk's social media site X.

Cointelegraph reports that a user named "makenowmeme" with 15,000 followers was suspended on X on August 2 for allegedly breaking the rules.

The supposed account owners have taken to their website to announce that they are currently seeking to restore the account and have temporarily halted minting.

Users were able to submit posts to X following a predetermined format thanks to the technology. Token names and descriptions should be included in the post, along with the possibility of attaching images or videos by tagging @makenowmeme.

Raydium Overwhelmed

The article detailed how the Solana decentralized exchange Raydium was flooded with liquidity and burned after the bonding curve reached a certain level of purchase activity. Its workings are analogous to those of the pump.nice memecoin generator for Solana.

The site reported that the leading token, "Dogs," had a market cap of $184,000. Whenever memecoins hit specific market valuation and volume milestones, the network will give an airdrop of MNM tokens.

High Earnings Persist

Degens who have been trading these memecoins have reportedly made a tidy sum, according to Lookonchain. In just one hour, a trader on the makenowmeme token CTO made 4,721 valued at almost $800,000.

The third address to purchase memecoin, the trader spent 50 SOL to acquire 257 million CTO. The onchain analytics platform said that on August 1, they made 4,721 SOL from the sale of 228 million CTO, which was reported to have cost 4,771 SOL.

On July 31, Alex Svanevik, CEO of the onchain analytics company Nansen, joined the fun by introducing IQ, a memecoin, on makenowmeme. He warned his followers not to freak out since he was "testing some tech a friend built" while he was doing it.

Market capitalization and token values both skyrocketed on launch day, as reported by DEXScreener.