Nansen CEO launches memecoin that hits $6 million market cap within a day

Alex Svanevik, CEO of the onchain analytics platform Nansen, launched a new Solana-based memecoin called IQ.

IQ grew to a $5 million market capitalization within a day of launch, according to the crypto data platform DEXScreener. The token is priced at $0.0061 USD and 0.00003370 SOL as of 11:22 a.m. ET (15:22 UTC) on July 31, an increase of 7,000% in the past 24 hours.

"Testing some tech a friend built," Svanevik added on the social media platform X. "Don't ape this thing god**mnit."

'Aping' refers to investors quickly buying a cryptocurrency or other digital asset without doing proper research first.

What is MakeNowMeme?

Svanevik employed MakeNowMeme to launch the memecoin. The platform lets users launch a new memecoin from just a post on X, requiring the user to post the tweet with text in a specific format.

Much like the memecoin platform Pump.fun, when enough users buy a new MakeNowMeme token, its liquidity is posted onto the decentralized exchange Raydium before getting burned.