The cryptocurrency market is experiencing a significant shift. While major cryptocurrencies show lackluster performance, MEME coins have become a central battleground for various blockchain ecosystems. This surge in interest has led to the emergence of multiple platforms facilitating the creation and trading of these volatile digital assets.
The Pump.fun Phenomenon: A Closer Look at the Data
Pump.fun has established itself as a barometer for the MEME coin market. The platform, reportedly built by just three individuals, generated substantial buzz by allegedly creating over $54 million in revenue within just four months. On July 1st, DefiLlama data initially showed Pump.fun achieving a record-breaking $1.99 million in 24-hour revenue.
However, further investigation reveals significant discrepancies in these reported figures. DefiLlama's tracking methodology accidentally included wallet reorganization activities and large transfers in their revenue calculations, substantially inflating the numbers. The actual revenue for July 1st was approximately $600,000, with July 3rd's figures reaching about $630,000—still impressive but considerably lower than initially reported.
After adjusting for these accounting errors, Pump.fun's actual total revenue stands at approximately $48 million, still a remarkable achievement but $6 million less than widely circulated figures.
Declining Engagement Metrics
Beyond revenue discrepancies, Pump.fun has experienced noticeable declines in key metrics:
- Daily transactions dropped from 3.32 million on June 12th to 1.51 million by July 3rd
- Token deployments decreased from 18,000 to 11,000 during the same period
- Active users fell from 51,000 on June 19th to 23,000 on July 3rd
These trends reflect broader market conditions, with Solana's active addresses declining from 1.23 million on June 12th to approximately 800,000 by month's end—a 30% reduction.
New Competitors Enter the MEME Arena
Despite market contraction, new platforms continue to enter the MEME coin launch space, each bringing unique approaches to the competitive landscape.
Moonshot: DEX Screener's Challenge to Pump.fun
In June, the popular market analysis tool DEX Screener launched Moonshot, a direct competitor to Pump.fun. As a platform already familiar to MEME traders who use it to track new tokens after they graduate from Pump.fun to exchanges like Raydium, DEX Screener's entry seemed natural.
Moonshot shares most functionalities with its established competitor but adds several distinctive features:
- Comprehensive smart contract auditing for all launched tokens
- Higher graduation threshold requiring 500 SOL before tokens can establish liquidity pools on Raydium
However, Moonshot lacks Pump.fun's community features like discussion boards and live streaming capabilities, which may explain why it has struggled to achieve similar engagement levels. As of July 5th, Moonshot's total revenue reached approximately 3,645.65 SOL ($461,685.48)—less than Pump.fun's daily earnings.
The competition between platforms has sparked public commentary, with Pump.fun founder Alon remarking: "You can copy the product, but you can never copy the culture."
Jupiter's Strategic Approach: The APE Tool
Rather than directly competing with launch platforms, Jupiter has taken a different approach by introducing APE on July 4th—a MEME market discovery tool focusing on two core functionalities:
- New Token Discovery: Continuously scans for the 100 newest tokens on Orca, Raydium, and Meteora, providing detailed token inspection results with specific emphasis on rug-pull risk assessment
- The Vault Feature: Creates a decentralized exchange experience resembling centralized platforms by allowing users to deposit SOL into vault accounts before trading, eliminating the need for blockchain confirmations for each transaction and providing protection against MEV bot attacks
Though innovative, the platform currently suffers from poor user experience in areas like chart display and pending transaction visualization.
TON Ecosystem's Struggle with MEME Culture
The TON blockchain has seen several Pump.fun-inspired platforms emerge, including Gas Pump, Wonton, and Pumper. However, MEME coin culture appears to be struggling to gain traction within this ecosystem:
- Gas Pump's highest market capitalization token reached only $14,700
- Wonton's website显示分布式拒绝服务攻击(DDoS)攻击并且无法提供服务
- Pumper shows minimal activity, with the highest token purchase volume not exceeding 210 TON (approximately $1,400)
Market-Wide MEME Contraction
The entire MEME coin sector is experiencing significant contraction amid broader market instability:
- Overall MEME market capitalization declined 22.5% over seven days according to CoinGecko data
- Daily new MEME pools on Solana dropped to 1,350 by July 5th—less than half the 3,000+ average during May and June
- Previously popular presale tokens, celebrity tokens, and animal-themed tokens have all seen substantial declines
- Newer mainstream MEME coins like BOME, POPCAT, MICHI, and MOTHER experienced 50% price drops within five days
MEME coins represent an extremely volatile asset class whose instability becomes particularly evident during market downturns and periods of high volatility. Projects currently entering this competitive space may have chosen an inopportune time, with success likely dependent on broader market recovery.
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Frequently Asked Questions
What is a MEME coin launchpad?
MEME coin launchpads are platforms that allow users to easily create and launch cryptocurrency tokens, typically with minimal technical knowledge. These platforms have gained popularity during bull markets as they enable rapid token creation and speculation.
How do platforms like Pump.fun generate revenue?
These platforms typically charge fees for token creation and trading activities. Pump.fun, for instance, collects a 1% fee on token purchases and sales, with additional revenue generated when tokens reach specific thresholds and require liquidity pool creation.
What are the risks associated with MEME coins?
MEME coins carry substantial risks including extreme volatility, potential rug-pulls (where developers abandon projects after raising funds), limited utility, and high susceptibility to market sentiment shifts. Investors should only allocate funds they're prepared to lose entirely.
Why are multiple platforms entering this space simultaneously?
The simultaneous entry of multiple platforms reflects perceived market opportunity during crypto bull markets, where MEME coins typically generate significant trading volume and fee revenue. However, timing market entry correctly remains challenging.
How does Jupiter's APE tool differ from launch platforms?
Rather than facilitating token creation, APE focuses on token discovery and risk assessment. Its innovative vault system also addresses specific DeFi pain points like MEV protection and transaction efficiency.
What factors contribute to a successful MEME coin platform?
Success appears to depend on multiple factors including first-mover advantage, community features, user experience, and the ability to create cultural momentum beyond mere technical functionality.