The market has taken a sharp turn for the worse, and the mainstream currency market is tepid. MEME coins are becoming the main battlefield for major ecosystems to compete. On July 4, Jupiter announced the launch of the MEME market discovery tool APE. In June, the well-known industry market-watching tool DEX Screener also launched a distribution platform Moonshot similar to Pump.fun, and released more than 7,000 MEME tokens on Moonshot in just one day. The TON ecosystem has also launched multiple MEME coin one-click coin issuance platforms: Gas Pump, Wonton, and Pumper.

As the market fluctuates, this seemingly lucrative track has become a red ocean, and the popularity of MEME seems to be exaggerated. More and more players are moving forward against the wind.

Pump.fun is the current barometer of the MEME market. The team, which is rumored to have only three people, has generated more than $54 million in revenue in four months. On July 1, DefiLlama data showed that Pump.fun's 24-hour revenue exceeded $1.99 million, setting a new record. This data has sparked heated discussions on social media. However, PANews found that there were errors in DefiLlama's data, which mistakenly included the assets organized by Pump.fun's wallet as revenue, resulting in inflated revenues of $1.99 million and $1.22 million on July 1 and 3, when the actual revenues were $600,000 and $630,000, respectively.

In addition, there is water in the total revenue data of Pump.fun. After removing the large transfer of about 6 million US dollars, the actual revenue of Pump.fun should be about 48 million US dollars. Recently, the daily transaction volume of Pump.fun has been on a downward trend, reaching a high of 3.32 million transactions on June 12, and the number of tokens deployed on that day was 18,000. By July 3, these figures dropped to 1.51 million transactions and 11,000 tokens respectively. The number of active users dropped from 51,000 on June 19 to 23,000 on July 3, and the overall data dropped by half.

The data on the Solana chain also showed a downward trend. On June 12, the number of active addresses of Solana reached 1.23 million. By June 30, it had dropped to 800,000, a decrease of about 30%.

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Moonshot gap is still large

Although the MEME market is shrinking, there are still many players. In June, DEX Screener launched Moonshot, a distribution platform similar to Pump.fun, which is considered a strong competitor to Pump.fun. DEX Screener is a common tool for MEME players to watch the market and discover new tokens. After Pump.fun became popular, many tokens were first released on Pump.fun. After Raydium was launched, players would go to more professional viewing platforms such as DEX Screener or birdeye to check. Obviously, DEX Screener is not willing to be just a "taker", and it is natural to launch Moonshot.

Moonshot is completely consistent with Pump.fun in most functions. DEX Screener said that its launchpad ensures that all smart contracts on the platform are fully audited, and Moonshot also raises the token threshold to more than 500 SOL to obtain liquidity pools on Raydium.

However, Moonshot did not launch the communication section and live broadcast function of Pump.fun, which made it less popular than Pump.fun. Pump.fun founder Alon responded to the emergence of competitors on Twitter: "You can imitate products, but you can never imitate culture." As of July 5, Moonshot's total revenue was approximately 3,645.65 SOL (about 462,000 US dollars), less than Pump.fun's daily revenue.

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Jupiter aims to build a centralized exchange on the chain?

Jupiter is also obviously interested in participating in the MEME coin market, but they chose to start with tools instead of directly competing in the one-click coin issuance market. On July 4, Jupiter announced the launch of the MEME market discovery tool APE. The platform has two core functions.

The first function is to discover the latest tokens launched. APE will constantly refresh the 100 latest tokens of Orca, Raydium and Meteora. When viewing specific tokens, the platform provides detailed token inspection results, especially RUG risk screening.

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The second core function is Vault, which is more innovative. APE has created a DEX similar to a centralized exchange. Users can recharge SOL tokens into the Vault account before trading, so that there is no need for on-chain confirmation during trading, avoiding the risk of being attacked by MEV robots.

However, the product has just been launched and there is still a poor experience in functions such as K-line display and viewing waiting.

Is MEME coin not adapting well to TON?

At present, there are several similar one-click coin issuance platforms in the TON ecosystem, such as Gas Pump, Wonton, and Pumper. However, overall, the MEME coins launched by these platforms are still in their infancy and have not yet reached a hot level. For example, on Gas Pump, the token with the highest market value is only $14,700. Wonton's official website shows that it has suffered a DDoS attack and is therefore unable to provide services. The popularity on Pumper is also relatively cold, with the highest token purchase amount being less than 210 TONs (about $1,400).图片图片

With the instability of the overall market, the entire MEME market is also showing a downward trend. According to data from Coingecko, the MEME coin market has fallen by 22.5% in the past 7 days. Data as of July 5 showed that the newly launched MEME trading pool on Solana had only 1,350 token transactions within 24 hours, which was more than half the daily average of more than 3,000 in May and June. In addition, previously popular pre-sale tokens, celebrity tokens, cat and dog tokens, etc. are also experiencing a sharp drop in prices. For example, the prices of new mainstream MEME coins such as BOME, POPCAT, michi, and MOTHER have been cut in half in just 5 days.

As an extremely volatile asset class, MEME's crazy volatility has attracted widespread attention from the crypto community. When the market experiences violent fluctuations and declines, MEME's instability becomes even more apparent. In such a market environment, project parties that are still considering entering may not have caught a favorable opportunity and can only hope that the market will pick up in the future.

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