Without a doubt, the Memecoin sector has become a barometer in the 2024 cryptocurrency market. The emergence of Memecoin issuance platforms represented by Pump.fun has opened up tremendous development space, ushering in a new era of "everyone issuing coins."

This article will start with Pump.fun, summarizing the characteristics of such platforms and conducting a horizontal comparison with similar products, such as SunPump, MakeNow.Meme, Moonshot, Four.Meme, etc., to present the current survival status and competitive landscape of Memecoin issuance platforms.

Leading Memecoin Issuance Platform — Pump.fun

As the undisputed leader of Memecoin Launchpads on the Solana network, Pump.fun has ignited the entire Memecoin sector by itself, and its design philosophy and trading model have become the template for current Memecoin issuance platforms.

(Source: Pump.fun)

Launched in January this year, Pump.fun is a tool and community platform focused on Memecoin issuance. Initially based on Solana, it has since been integrated into Base and Blast networks.

Pump.fun did not initially attract market attention until mid-March, when the number of new coin deployments began to exceed ten thousand daily. As of now, the number of Memecoins issued on Pump.fun has surpassed 2.97 million, with total cumulative revenue of approximately $170 million. Since October 13, its daily revenue has consistently exceeded $1 million.

(Source: Dune@adam_tehc)

The Success Behind Pump.fun

The impressive performance of Pump.fun is not only due to its perfect alignment with the current market's fervent pursuit of Memecoins but also thanks to its one-click coin issuance product concept. Anyone, even without any technical experience, can create a project and issue tokens at almost negligible cost.

Features of the Pump.fun platform include:

1) Extremely low issuance cost

On Pump.fun, users initially only need to pay about 0.02 SOL (approximately $3) to deploy a Meme token, significantly reducing the cost of issuance for users. In a recent update, creators no longer need to pay deployment costs, and when their token exceeds the joint curve Bonding Curve cap of $69,000, they will be rewarded with 0.5 SOL. As for the token creation fee, it is paid by the first purchasing user of that token.

In addition, Pump.fun charges only a 1% fee on all transactions on its platform, making the transaction costs relatively friendly to users.

2) Automated process

Users only need to input the token name, symbol, project description, and an image or video to complete the creation of a Meme token, making the entire process quick and simple. Once the token is online, the system automatically provides liquidity. When the market value of the token on the joint curve reaches $69,000, the token will automatically go live on the Solana decentralized exchange Raydium, while $12,000 in liquidity will be burned.

(Source: Pump.fun)

3) Trading based on joint curve

All tokens issued on Pump.fun operate based on the joint curve Bonding Curve, which defines the relationship between token price and supply through a mathematical function. Generally, as demand for the token increases, its price also rises. The use of the joint curve better reflects the market's true demand for the token, reduces the risk of price manipulation, and creates a healthier and more transparent trading environment for users.

4) Integration of financial and social attributes

Pump.fun has a built-in social section on its platform, allowing users to comment and chat live, which facilitates the spread and popularity of tokens on social media platforms.

The launch of Pump.fun provides a one-stop issuance channel for crypto users with a simple and intuitive trading page, maximizing fair distribution and effectively addressing issues such as price advantages for teams and investment institutions in the early stages of token issuance, potential insider manipulation in trading, and the superpower issues eliminated by creators automatically relinquishing minting rights, truly meeting the core demand of crypto users for decentralization.

As a result, Memecoin enthusiasts and on-chain Degen users flock to Pump.fun. Although over 99% of Memecoins have a very short lifespan, often going to zero in less than 24 hours, the potential for lottery-like returns of hundreds or thousands of times is enough to keep them engaged.

The enormous volatility of Memecoins continuously stimulates the dopamine of crypto investors. On Pump.fun, one after another, sensational tokens have emerged in the market's extreme FOMO, such as $SC, which created a hundredfold myth in five days, $BERT, which surged tenfold in 15 minutes, and $BOME, which achieved a fiftyfold increase in a single day.

Various on-chain data shows that there are always lucky individuals favored by fortune, turning a few hundred dollars into hundreds of thousands or even millions in profits. However, the current Memecoin market is a massive garbage dump, and the extremely low issuance threshold inevitably leads to rampant Rug Pull scams. A slight misstep can lead to falling into traps and becoming a source of liquidity exit for others. Therefore, investors must participate cautiously and rationally formulate trading strategies based on their risk tolerance.

To enhance user trading experience, Pump.fun recently launched a new feature, Pump.fun advanced, integrating functions such as charts, token holding distribution, and real-time update threads. In the latest Space live broadcast, Pump.fun's co-founder also indicated plans to launch a token at some point in the future, hinting that airdrops may only be available to users who have used Pump.fun advanced.

Overview of Memecoin Issuance Platforms

The explosive growth of Pump.fun has revitalized the entire crypto market, and this wave quickly spread to various public chains such as Tron, BNBChain, and Base. Major networks and project parties have been working hard to launch Memecoin issuance platforms, such as SunPump, MakeNow.Meme, Moonshot, Four.Meme, etc., providing crypto users with more choices.

●SunPump

(Source: SunPump)

SunPump is a product of the DeFi platform SUN.io and the first Memecoin Launchpad based on the Tron network, officially launching its Beta version on August 13 this year.

With the active promotion of TRON founder Justin Sun, SunPump has received enthusiastic market attention since its launch. The platform's first Memecoin, MoreYaoWan ($PILLS), achieved nearly a 90-fold increase in price on its first day of issuance. Other popular Memecoins, such as Tron Bull ($BULL), Sundog ($SUNDOG), and Crypto Zillion Club ($CZC), have also seen increases of over a hundred times, even reaching thousands of times.

As of now, there are 23 projects on SunPump with a market capitalization exceeding $1 million. The total number of new coins deployed on the SunPump platform has exceeded 91,000, with total cumulative revenue of approximately 35,142,551 $TRX, equivalent to about $5.71 million.

(Source: Dune@hashed_official)

To attract more users, SunPump has simultaneously launched a "Gas Fee" reduction campaign and initiated a Meme ecological incentive plan worth up to $10 million. It is worth noting that, based on the data, SunPump's growth momentum has gradually weakened since it set a record of over 7,500 new tokens created in a single day on August 21, and since October, it has only issued dozens of new projects daily.

The token issuance process on SunPump is almost identical to that of Pump.fun, with token creators needing to pay about 20 TRX (approximately $3) in fees. However, SunPump has introduced a leaderboard and invitation mechanism, making the gameplay more diverse and user-friendly.

●MakeNow.Meme

(Source: MakeNow.Meme)

MakeNow.Meme launched on July 31 and is a Memecoin issuance platform based on the Solana network. MakeNow.Meme pioneered the feature of issuing coins through posting, where users only need to tweet in the required format to issue a Memecoin, but must wait for an official reply to confirm the successful issuance, which includes the token contract information.

This novel gameplay allowed MakeNow.Meme to issue over 2,500 Meme tokens within the first day of its launch, but the hype only lasted for three days, after which the platform gradually fell into obscurity. As of now, MakeNow.Meme has issued approximately 5,400 Memecoins, with total revenue of about 486 $SOL, equivalent to approximately $87,000.

(Source: Dune@hashed_official)

However, crypto KOL @thecryptoskanda believes that although MakeNow.Meme is still a clone of Pump.fun on the front end, it has innovated in its market-making model. By using several deployers to issue the same token, it has increased the difficulty of sniping and proposed a solution for KOLs issuing tokens.

●Moonshot

Moonshot is a Memecoin launch platform based on Solana and Base, launched on June 25 this year. Moonshot is integrated into the well-known DEX analysis platform Dexscreener, giving it a significant advantage in traffic acquisition.

(Source: Moonshot)

Like other Pump.fun clones, Moonshot initially gained brief market attention, with the number of token deployments remaining above 4,000 in the first few days, but then showed a downward trend. It wasn't until mid-September, with the emergence of gold dogs like MOODENG and SPX6900, that Moonshot gained significant fame and experienced a new trading peak.

As of now, Moonshot has cumulatively issued 106,454 new coins, of which 333 Meme projects have successfully completed the joint curve and are now trading on DEX. The total revenue of the Moonshot platform is 18,232 SOL, equivalent to approximately $3.28 million.

(Source: Dune@tiago4maral)

The token issuance process on Moonshot is not significantly different from that of Pump.fun. When a token successfully migrates to Raydium, the creator receives a reward of 2 SOL. The official team places great emphasis on security, and the platform's smart contracts have undergone comprehensive audits. Additionally, Moonshot offers a more user-friendly experience, allowing users to customize their dashboard with metrics such as market cap, progress, trading time, and trading volume.

A more notable feature is that Moonshot allows users to buy and sell Memecoins directly with fiat currency, currently supporting Apple Pay, credit cards, and PayPal, making it easier for Web2 users to enter the market.

●Four.Meme

Four.Meme is a Memecoin issuance platform based on BNBChain, launched in early July this year. Like similar platforms, Four.Meme has a very low token launch cost, with users only needing to pay about ~0.005 BNB (approximately $3) in transaction fees. The fundraising amount on Four.Meme is optional, with choices of 2,500, 5,000, 10,000, or a custom amount. When creating a project, creators can opt to establish a Click.fun Telegram community by purchasing 5% of the tokens as user incentives.

(Source: Four.Meme)

Four.Meme has set up a leaderboard feature and an invitation mechanism, similar to SunPump. In addition, Four.Meme has launched an airdrop section where users can earn points by completing tasks, which include social interactions, token creation and trading, and interactions with other project parties within the BNBChain ecosystem.

As of now, Four.Meme has cumulatively created over 7,200 tokens, with 88 projects successfully migrating to PancakeSwap for trading. Four.Meme has over 19,500 users and has generated cumulative revenue of approximately 282 BNB, equivalent to about $160,000.

On-chain data shows that the peak trading volume for Four.Meme occurred in mid to late August this year. At that time, the emergence of gold dogs like BIC, binancedog, and binancecat fueled the popularity of Four.Meme, causing a brief market frenzy.

(Source: Dune@four_meme)

Meanwhile, the Four.Meme team has also begun to focus on launching multiple initiatives, such as Meme creation contests and accelerator programs. In the accelerator program, Four.Meme collaborates with BNBChain to provide comprehensive support for Meme project parties, covering basic traffic, platform support, and broader ecosystem support.

Horizontal Comparison and Analysis of Memecoin Issuance Platforms

From the data, although Pump.fun may occasionally be surpassed by other issuance platforms, it still maintains a very high market share in the long term, leading significantly in both the number of token deployments and total platform revenue.

In terms of the issuing blockchain, Solana remains the main battlefield for Memecoin issuance and trading. Although Tron started late, it has still managed to carve out a share with SunPump. Other public chains like BNBChain and Base still need to put in more effort.

Of course, it’s not just the aforementioned public chains that are making strides in the Meme sector; blockchains like Bitcoin, Avalanche, TON, and NEAR have also launched Memecoin issuance platforms, actively attracting users and funds to their ecosystems, such as wonton.fun, Satspumpfun, memefun, Thunderhood, etc.

From the perspective of platform functionality, the current Memecoin issuance platforms on the market do not differ significantly, as they generally extend the basic functionalities of Pump.fun with minor innovations and improvements. For example, both SunPump and Four.Meme have introduced leaderboard and invitation mechanisms, Moonshot places greater emphasis on the security of smart contracts and supports fiat purchases and sales for the convenience of Web2 users, while MakeNow.Meme has improved the market-making model by pioneering the feature of issuing coins through posting. As the original pioneer, Pump.fun is also actively exploring new functionalities, having recently launched the Pump.fun advanced section.

As the scale of Memecoins continues to expand and the market's investment logic in this sector evolves, there will inevitably be more attention on the infrastructure level, and it will certainly receive more comprehensive support from project parties, ecosystem foundations, and VC institutions.

Returning to the Memecoin issuance platforms themselves, as they face increasing competition from more challengers, refining their products and services is of utmost importance. Only by centering on users, firmly grasping their core needs, providing differentiated and specialized functionalities, and maintaining innovation and vitality can they sustain long-term competitiveness.

If the product quality is already high, and if a few gold dog projects emerge at this time, or if they can maintain a certain profit effect, then undoubtedly, the Meme community will rush in like hyenas, and with the backing of massive traffic and funds, reaching the top will just be a matter of time.

Conclusion

In a market driven by profit-seeking, Memecoins have evolved from mere speculative targets to being endowed with new connotations, regarded as a new economic form. The pursuit of Memecoins by crypto users has stimulated the birth of Memecoin issuance platforms, while fair issuance platforms led by Pump.fun have opened up vast imaginative space for the growth of the Memecoin sector.

For users, the significant development of Meme ecosystem infrastructure has further enhanced their user experience and provided more diverse choices. However, the extremely low issuance threshold also means market oversaturation, with over 99% of Memecoins likely to reach zero within 1-2 days. The probability of finding treasure in a junkyard is evident, so crypto users must exercise caution when participating in Memecoin projects and invest rationally within their risk tolerance.

References:

[1] https://foresightnews.pro/article/detail/70068

[2] https://reports.tiger-research.com/p/memecoin-launchpad-market-analysis-eng

Disclaimer:

The content of the articles published by the author is not intended to provide legal, financial, investment, or any other form of professional advice. This article is for informational and educational purposes only. The information provided by the author is based on their research and analysis, aimed at contributing to academic discussions and understanding in the relevant fields. Furthermore, the publication of this article does not constitute a solicitation for business or an invitation to establish any professional relationship.

• The materials on this page may include market data organized by Gate.io or data from third parties. While Gate.io has made reasonable efforts to ensure the reliability of such third-party information, this information may not have been verified, and we make no express or implied representations or warranties regarding the timeliness, accuracy, or completeness of the information contained in this material. Information may become outdated, including due to new plans, regulations, or market changes. Investors should not rely solely on the information contained in this material when making investment decisions. Please be aware that the risk of loss in digital asset trading can be significant, and make your choices carefully.

• Copyright Notice: Copying, disseminating, or plagiarizing this article without mentioning Gate.io's copyright notice is prohibited; otherwise, Gate.io reserves the right to pursue legal responsibility.

About MemeBox

MemeBox is a new brand under Gate.io dedicated to the prosperity of the MEME ecosystem, which will deeply explore the potential and opportunities of the Meme market. MemeBox aims to perfectly integrate technology and culture, gathering global Meme culture enthusiasts with an open and inclusive attitude, and jointly promoting a new trend in Meme culture!

Twitter: https://x.com/GateMemeBox

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。