Author: Frank, PANews
The overall market has taken a sharp turn for the worse, and the mainstream coin market is tepid. MEME coins are becoming the main battlefield for major ecosystems to compete for.
On July 4, Jupiter announced the launch of a MEME market discovery tool, APE. In addition, in June, the well-known industry market-watching tool DEX Screener also launched a distribution platform similar to Pump.fun, Moonshot, which released more than 7,000 MEME tokens on Moonshot in just one day. The popular TON ecosystem has also launched multiple MEME coin one-click issuance platforms: Gas Pump, Wonton, and Pumper.
As the market has been in a state of turmoil recently, this seemingly lucrative track has become a red ocean, and the popularity of MEME seems to be exaggerated. However, more and more players are moving forward against the wind.
The "one-click coin issuance" model is no longer popular
Pump.fun seems to be the barometer of the current MEME market. This team of only three people has generated more than $54 million in revenue in just four months. On July 1, data from DefiLlama showed that Pump.fun's 24-hour revenue exceeded $1.99 million, breaking a record high. For a time, everyone on social media seemed surprised that the one-click coin issuance platform could still maintain such popularity. After investigation, PANews found that there were errors in the data about Pump.fun on DefiLlama. When counting, the assets sorted by the Pump.fun wallet were mistakenly counted as revenue, resulting in the revenue on July 1 and 3 being inflated to $1.99 million and $1.22 million, which were actually $600,000 and $630,000.
In addition to the problems with the data in the past two days, there is also a certain amount of water in the total revenue data of Pump.fun before. The number of large transfers from past wallets and addresses is about 39,251 SOL (worth about 6 million US dollars). After excluding this part, Pump.fun's actual revenue should be around 48 million US dollars.
In addition, Pump.fun's daily transaction volume has also been declining recently. On June 12, it was the highest point in nearly a month, with a total transaction volume of 3.32 million and 18,000 tokens deployed on the same day. By July 3, the data dropped to 1.51 million and 11,000 tokens respectively. The number of active users was 51,000 on June 19, and dropped to 23,000 on July 3. The overall data has almost dropped by half.
The data on the entire Solana chain also shows a downward trend. On June 12, the number of active addresses of Solana reached 1.23 million. By June 30, the number had dropped to 800,000, a decrease of about 30%.
Moonshot gap is still large
Although the MEME market is also facing a shrinking state, there are still more players pouring in. 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 a platform for discovering new tokens. After the popularity of Pump.fun, many tokens are now released by Pump.fun. After Raydium is launched, players will go to DEX Screener or birdeye, a more professional viewing platform, to watch the market. Obviously, DEX Screener is unwilling to be just a "taker", and the launch of Moonshot seems to be a matter of course. Moonshot is exactly the same as Pump.fun in most functions. DEX Screener said that its launchpad ensures that all smart contracts launched on the platform are fully audited. In addition, Moonshot raises the threshold of tokens 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 also led to the platform's popularity not being as high as Pump.fun. Alon, the founder of Pump.fun, 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 ($461,685.48), less than Pump.fun's daily revenue.
Jupiter aims to build a centralized exchange on the chain?
Jupiter is obviously also interested in participating in the MEME coin market, but Jupiter seems to have seen the frenzy of competition in the one-click coin issuance market and chose to start with MEME tools. On July 4, Jupiter announced the launch of a MEME market discovery tool, APE. The platform has two core functions.
The first core function is to discover the latest tokens. APE will constantly refresh the 100 latest tokens of Orca, Raydium and Meteora. After clicking on a specific token, there will be detailed token inspection results, especially RUG risk screening.
The second core function, Vault, may be more innovative. APE has created a DEX similar to a centralized exchange. Users can recharge SOL tokens into their Vault account before trading, and then no on-chain confirmation is required during the transaction, which also avoids 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 and waiting.
Is MEME coin not adapting well to TON?
There are several similar one-click coin issuance platforms in the TON ecosystem, including Gas pump, Wonton, and Pumper. However, overall, the MEME coin of the TON ecosystem is still in its infancy and is not hot at all. Among them, the highest market value of the token on Gas Pump is $14,700. Wonton's official website shows that it has been attacked by DDoS and cannot provide services. The popularity on Pumper is also very cold, with the highest token purchase amount less than 210 TON (1,400 US dollars).
As the overall market becomes increasingly unstable, the entire MEME market is also trending downward. According to data from coingecko, the MEME coin market fell by 22.5% on the 7th. Data on July 5 showed that the number of MEMEs in Solana's newly launched trading pool in 24 hours was 1,350, more than half lower than the daily average of more than 3,000 in May and June. The previously popular pre-sale tokens, celebrity tokens, and cat and dog tokens have also been declining. The prices of new mainstream MEME coins such as BOME, POPCAT, michi, and MOTHER were cut in half in 5 days.
As an asset class with extremely high volatility, the craziness of MEME is obvious to all in the crypto community. When the market falls and fluctuates violently, the instability of MEME is even more exposed. At this time, the project parties who are still competing for this piece of cake have obviously not caught up with a good time for the time being and can only wait for the subsequent market recovery. PANews will also continue to pay attention to the progress of the MEME issuance platform.