The Memecoin track has undoubtedly become a key indicator in the 2024 crypto market. The emergence of Memecoin issuance platforms, especially those represented by Pump.fun, has opened up vast development space, ushering in a new era of “everyone can issue coins.”

This article will start with Pump.fun, summarizing the characteristics of such platforms and providing an in-depth horizontal comparison with similar products, such as SunPump, MakeNow.Meme, Moonshot, Four.Meme, etc., to showcase 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 single-handedly ignited the entire Memecoin sector. Its design philosophy and trading model have become the template for current Memecoin issuance platforms.

Source: Pump.fun

Launched in January of this year, Pump.fun is a platform focused on Memecoin creation tools and community building. Initially launched on the Solana network, it has since expanded to integrate with Base and Blast networks.

Pump.fun did not initially attract market attention, gradually entering the public eye in mid-March, with the number of new coin deployments surpassing 10,000 daily. As of now, over 2.97 million Memecoins have been issued on Pump.fun, with total accumulated 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

Behind Pump.fun’s impressive performance lies not only its perfect alignment with the current market’s fervor for Memecoins but also its one-click token creation product concept. Anyone, even without technical experience, can create a project and issue tokens at an almost negligible cost.

The features of the Pump.fun platform include:

1. Extremely Low Token Issuance Cost

On Pump.fun, users only need to pay approximately 0.02 SOL (about $3) to deploy a Meme token, significantly lowering the cost of token issuance. In a recent update, creators no longer need to pay deployment fees. Instead, when the token surpasses the $69,000 cap on the bonding curve, they are rewarded with 0.5 SOL. The creation fee for the token is paid by the first buyer of the token.

In addition, Pump.fun charges only a 1% fee on all transactions on the platform, making the transaction fees more user-friendly.

1. Automated Process

Users only need to input the token name, symbol, project description, image, or video to create a Meme token. The process is quick and simple. After the token is launched, the system automatically provides liquidity. When the token’s market value on the bonding curve reaches $69,000, the token is automatically listed on the Solana decentralized exchange, Raydium, and $12,000 in liquidity is burned.

Source: Pump.fun

1. Bonding Curve-Based Trading

All tokens issued on Pump.fun operate based on a bonding curve, which uses a mathematical function to define the relationship between token price and supply. Typically, as demand for tokens increases, the token price rises as well. The bonding curve helps reflect the real market demand for tokens, reduces the risk of price manipulation, and creates a healthier, more transparent trading environment for users.

1. Integration of Financial and Social Features

Pump.fun also incorporates a social section within its platform, allowing users to comment and participate in live chats, making it easier to promote and spread tokens on social media platforms.

With its simple and intuitive trading interface, Pump.fun provides a one-stop token issuance channel for crypto users, ensuring fair distribution and effectively addressing issues such as the price advantage for teams and investors in the early stages of token issuance, potential insider manipulation or “pump and dump” schemes in token circulation, and the elimination of superpowers through the automatic forfeiture of minting rights by creators. This truly satisfies the core decentralized needs of crypto users.

As a result, Memecoin enthusiasts and on-chain Degen users flock to Pump.fun. Although over 99% of Memecoins have short lifespans, often reaching zero within 24 hours, the chance of hitting a “lottery” with 100x or even 1000x returns keeps them engaged.

The enormous volatility of Memecoins continues to stimulate crypto investors’ dopamine levels. On Pump.fun, a series of “miracle” tokens have emerged amid extreme FOMO in the market. For example, $SC created a 100x return within 5 days of launch, $BERT surged 10x within 15 minutes of its launch, and $BOME achieved a 50x gain in a single day.

On-chain data shows that some lucky users have turned a few hundred dollars into hundreds of thousands or even millions of dollars in profits. However, the current Memecoin market is essentially a vast garbage dump. The extremely low issuance thresholds inevitably lead to widespread Rug Pull scams, where users can easily fall into traps and become liquidity exits for others. Therefore, investors must participate cautiously and develop trading strategies based on their risk tolerance.

To improve user experience, Pump.fun recently launched a new feature, Pump.fun advanced, which integrates charts, token holding distribution, real-time updates, and more. In the latest Space livestream, Pump.fun’s co-founder also mentioned plans to release 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

Pump.fun’s explosive success has invigorated the entire crypto market, and this wave of excitement quickly spread to other public chains like Tron, BNBChain, Base, and others. Various networks and project teams have eagerly followed suit, launching their own Memecoin issuance platforms, such as SunPump, MakeNow.Meme, Moonshot, Four.Meme, etc., providing more choices for crypto users.

• SunPump

Source: SunPump

SunPump is a DeFi platform within the SUN.io ecosystem and the first Memecoin Launchpad based on the Tron blockchain. It officially launched its Beta version on August 13 of this year.

With active promotion from TRON founder Justin Sun, SunPump quickly gained market attention upon launch. The platform’s first Memecoin, MoreYaoWan ($PILLS), saw a nearly 90x increase in price on its first day. Other popular Memecoins, such as Tron Bull ($BULL), Sundog ($SUNDOG), and Crypto Zillion Club ($CZC), also experienced price increases of over 100x, with some even reaching 1000x.

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

Source: Dune@hashed_official

To attract more users, SunPump introduced a “Gas Fee” discount event and launched a Meme ecosystem incentive program with up to $10 million in rewards. However, it is worth noting that since setting a record of over 7,500 new tokens created in a single day on August 21, SunPump’s growth momentum has gradually weakened. Since October, the platform has been issuing only a few dozen new projects daily.

The token issuance process on SunPump is almost identical to that of Pump.fun, where token creators are required to pay about 20 TRX (approximately $3) in fees. However, SunPump has introduced a leaderboard system and an invitation mechanism, making the platform’s features more diversified 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 introduced the innovative “tweet-to-token” feature, where users can create a Memecoin by posting a tweet in the required format. However, the token creation is only considered successful once the official team replies to the tweet, including the token contract information.

This novel feature allowed MakeNow.Meme to issue over 2,500 Meme tokens within the first day of launch, but the excitement only lasted for three days before the platform gradually faded into obscurity. As of now, MakeNow.Meme has issued approximately 5,400 Memecoins, with total revenue of about 486 $SOL, equivalent to around $87,000 at current market prices.

Source: Dune@hashed_official

However, crypto KOL @thecryptoskanda believes that although MakeNow.Meme may still resemble Pump.fun on the front end, it has innovated in its market-making model. By using multiple deployers to issue the same token, it increases the difficulty of “sniping” and offers a solution to market-making for KOLs issuing tokens.

• Moonshot

Moonshot is a Memecoin launch platform based on Solana and Base, launched on June 25 of this year. Integrated with the well-known DEX analytics platform Dexscreener, Moonshot enjoys a significant advantage in terms of traffic acquisition.

Source: Moonshot

Like other Pump.fun clones, Moonshot initially gained brief market attention, with token deployment numbers exceeding 4,000 in the first few days, but then saw a decline. It wasn’t until mid-September, with the launch of popular tokens like MOODENG and SPX6900, that Moonshot gained significant recognition and experienced a new trading surge.

As of now, Moonshot has issued a total of 106,454 new tokens, with 333 Meme projects successfully completing the bonding curve and being listed on DEX for trading. The total revenue for the Moonshot platform is 18,232 SOL, equivalent to approximately $3.28 million at current market prices.

Source: Dune@tiago4maral

The token issuance process on Moonshot is largely similar to that of Pump.fun. When a token successfully migrates to Raydium, the creator receives a reward of 2 SOL. The platform places a strong emphasis on security, with its smart contracts having undergone comprehensive audits.

Additionally, Moonshot is more user-friendly in terms of experience. Users can customize their dashboard to display market cap, progress, transaction time, and volume information.
A standout feature of Moonshot is that it allows users to directly buy and sell Memecoins using fiat currency. Currently, it supports Apple Pay, credit cards, and PayPal, making it easier for Web2 users to enter the platform.

• Four.Meme

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

Source: Four.Meme

Four.Meme has implemented 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. These tasks include activities such as social media engagement, token creation and trading, as well as interactions with other projects within the BNBChain ecosystem.

As of now, Four.Meme has created over 7,200 tokens, with 88 projects successfully migrating to PancakeSwap for trading. The platform has over 19,500 users and has generated approximately 282 BNB in total revenue, which is about $160,000 at current market prices.

From on-chain data, the period of highest trading volume for Four.Meme was in mid to late August. During this time, the launch of popular tokens like BIC, binancedog, and binancecat boosted the platform’s popularity, causing a brief market frenzy.

Source: Dune@four_meme

At the same time, the Four.Meme team has started to intensify its efforts by launching a series of activities, such as the Meme Creation Contest and Accelerator Program. In the Accelerator Program, Four.Meme has partnered with BNBChain to offer comprehensive support for Meme projects, including basic traffic, platform support, and broader ecosystem assistance.

Comparison and Analysis of Memecoin Issuance Platforms

From the data, Pump.fun, despite occasionally being surpassed by other platforms, still maintains a high market share in the long run, leading in token deployment numbers and cumulative platform revenue.

In terms of blockchain issuance, Solana remains the primary arena for Memecoin issuance and trading. Although Tron started later, it still managed to carve out a niche with SunPump. As for other public chains like BNBChain and Base, they still need more effort to make a significant impact.

It’s not just the aforementioned public chains focusing on the Meme track. Blockchains like Bitcoin, Avalanche, TON, and NEAR have also launched Memecoin issuance platforms to attract users and funds to their ecosystems, such as: wonton.fun, Satspumpfun, memefun, and Thunderhood.

From a platform functionality perspective, most Memecoin issuance platforms on the market today are not significantly different, as they primarily extend and improve upon the basic features of Pump.fun, with small innovations. For instance, SunPump and Four.Meme have introduced rankings and invite mechanisms, Moonshot focuses on the security of smart contracts and supports fiat purchases and sales for Web2 users, while MakeNow.Meme has improved the market-making model, pioneering the feature of launching tokens immediately after publishing content. As the pioneer, Pump.fun continues to innovate with the launch of its Pump.fun advanced section.

As the scale of Memecoins continues to grow and the market’s investment logic in this sector shifts, more attention will undoubtedly be given to infrastructure, as well as more comprehensive support from project teams, ecosystem foundations, and VC firms.

Returning to Memecoin issuance platforms themselves, as they face increasing competition, refining their products and services is crucial. Only by staying user-centered, addressing core needs, offering differentiated and specialized functions, and maintaining innovation and energy, can they sustain long-term competitiveness.

If, in addition to having strong product quality, they manage to launch successful “golden dog” projects or maintain a consistent profit effect, there’s no doubt that the Meme community will flock in like hyenas, and with massive traffic and funding, reaching the top will just be a matter of time.

Conclusion

Due to the market’s profit-driven nature, Memecoin has evolved from an initial speculative asset into a new economic form. Crypto users’ pursuit of Memecoins has spurred the creation of Memecoin issuance platforms, and platforms like Pump.fun have opened up vast possibilities for the growth of the Memecoin sector.

The significant development of Meme ecosystem infrastructure has further improved users’ experience and provided more diverse options. However, the extremely low barriers to issuing tokens also lead to market oversaturation, with over 99% of Memecoins going to zero within 1-2 days. The chances of finding treasure in a garbage dump are slim, so crypto users must exercise caution when participating in Memecoin projects and invest rationally within their risk tolerance.