Raydium Lists Solana Meme Coin ‘CTO’ on MakeNow.Meme Leading to Lots of Community Drama!

As we woke up this morning, we could read on X that Raydium had launched a token called CTO. As we described in our article about MakeNowMeme yesterday

Raydium, a leading Solana swap and AMM platform, has listed a Solana meme coin called ‘CTO’ on MakeNow.Meme, sparking a wave of community drama.

The listing, which was announced on X, quickly went awry when the tweet failed to direct readers to the correct contract address for CTO.

As a result, Degens, in their haste to capitalize on the launch, ended up pushing a random token of the same name to a market cap of over $10 million, before realizing their mistake and dumping the project.

Meanwhile, the real CTO token soared to a market cap of $11 million.

In a follow-up post, Raydium acknowledged the mishap, writing, “Oops, that didn’t go as expected,” and concluding with the cryptic message, “undo test.”

The incident has once again highlighted the need for increased security measures on MakeNow.Meme to prevent such errors and protect users from potential rug pulls.

Adding the contract address to the initial tweet or a prompt follow-up would significantly reduce the risk of traders getting scammed by the wrong token, as was the case with CTO.

On a brighter note, MakeNowMeme is无疑 a valuable addition to Solana's meme universe, and we can expect to see more meme coins emerging on the platform in the coming days.

Meanwhile, another exciting development in the meme coin realm is the launch of The Meme Games, an initiative that aims to combine the spirit of the Olympics with the world of crypto.

The Meme Games features five meme coins representing different countries: Doge (USA), Turbo (Italy), Pepe (France), Brett (Germany), and WIF (Great Britain).

Participants can purchase $MGMES tokens to support their chosen meme and stand a chance to win a 25% bonus on their token purchase if their meme emerges victorious in its respective event.

Additionally, $MGMES tokens can be staked on Ethereum to earn an impressive APY of 737%.

Those interested in joining the Meme Games can purchase $MGMES tokens here.

Don't forget to check out our latest article on the top 10 Solana meme coin HODLs for 2024.

As always, a disclaimer: Crypto is a highly risky asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all of your capital.

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