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Nansen CEO Unveils IQ Memecoin, Skyrockets to $6 Million Market Cap in 24 Hours
Alex Svanevik’s Innovative Memecoin on Solana Blockchain
In a remarkable display of crypto fervor, Alex Svanevik, CEO of the onchain analytics powerhouse Nansen, has introduced a new Solana-based memecoin dubbed IQ. The coin has swiftly ascended to a $6 million market capitalization within its inaugural day, as per data from crypto analytics platform DEXScreener. As of 11:22 a.m. ET (15:22 UTC) on July 31, IQ is priced at $0.0061 USD and 0.00003370 SOL, marking an astronomical 7,000% surge over the past 24 hours.
A Cautionary Note from Svanevik
“Testing some tech a friend built,” Svanevik commented on the social media platform X. “Don’t ape this thing god**mnit.” In crypto parlance, ‘aping’ describes investors impulsively purchasing a digital asset without conducting thorough research.
Read more: Phoenix Memecoin ($PHNX) Launches with Innovative Tokenomics and Community Focus
MakeNowMeme: The Engine Behind IQ
Svanevik leveraged the MakeNowMeme platform to launch IQ. This innovative service enables users to create a new memecoin with a simple post on X, necessitating the use of a specific tweet format.
Similar to the functionality of the memecoin platform Pump.fun, once a sufficient number of users purchase a newly minted MakeNowMeme token, its liquidity is added to the decentralized exchange Raydium before being burned, thereby stabilizing the market.
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About the Author: Eunji Lim
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