The broader cryptocurrency market has cooled, with major digital assets trading sideways amid uncertainty. Yet, amidst this stagnation, meme coins have emerged as a battleground for ecosystem dominance—drawing intense interest from platforms like Pump.fun, DEX Screener’s Moonshot, Jupiter, and TON-based launchers. While the hype around meme coin creation platforms continues to grow, deeper analysis reveals inflated metrics, declining user engagement, and increasing competition in an already saturated space.
This surge in activity reflects not just speculative excitement but also strategic positioning by key players aiming to capture a slice of the fast-moving meme economy. However, as more platforms enter the fray, questions arise about sustainability, real value generation, and whether the current momentum is built on solid ground—or smoke and mirrors.
The Myth Behind Pump.fun’s Meteoric Rise
Pump.fun has become synonymous with the meme coin launch frenzy on Solana. With its "one-click" token creation model, the platform reportedly generated over $54 million in revenue in just four months—fueling widespread admiration and imitation. On July 1, DefiLlama listed Pump.fun’s 24-hour revenue at an eye-popping $1.99 million, sparking buzz across social media.
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However, further investigation reveals significant inaccuracies in these figures. PANews found that DefiLlama mistakenly included wallet consolidation transactions as revenue—artificially inflating daily earnings. Adjusted numbers show actual revenue for July 1 and July 3 was approximately $600,000 and $630,000 respectively, far below the initially reported highs.
When all non-revenue transfers (totaling ~39,251 SOL, or ~$6 million) are excluded, Pump.fun’s true cumulative revenue drops to around $48 million. While still impressive for a lean team, it highlights the danger of relying on unverified on-chain analytics.
More concerning is the downward trend in user activity:
- Daily transactions peaked at 3.32 million on June 12 but fell to 1.51 million by July 3.
- New tokens deployed dropped from 18,000 to 11,000 over the same period.
- Active users declined from 51,000 to 23,000 between June 19 and July 3.
Even Solana’s broader network activity reflects this cooling: active addresses fell from 1.23 million on June 12 to 800,000 by month-end—a 35% drop.
These trends suggest that while Pump.fun remains dominant, the meme coin gold rush may be losing steam.
Moonshot Emerges—but Can It Compete?
Despite signs of market fatigue, new entrants continue to launch. In June, DEX Screener—the popular analytics tool widely used for tracking new meme coins—launched Moonshot, a direct competitor to Pump.fun.
Given DEX Screener’s established user base among meme traders, the move seemed logical. Many investors already use the platform to monitor tokens after they leave Pump.fun and list on Raydium. Now, DEX Screener aims to own the entire lifecycle—from creation to discovery.
Moonshot mirrors most of Pump.fun’s core features:
- One-click token deployment
- Integration with Raydium for liquidity pools
- Enhanced security: All smart contracts undergo full audits before launch
- Higher listing threshold: Projects need at least 500 SOL in liquidity to qualify
Still, Moonshot lacks two critical elements that fuel community engagement on Pump.fun: a built-in chat function and live streaming capabilities. These social layers have helped foster a unique culture around Pump.fun—one that can't be easily replicated through code alone.
As of July 5, Moonshot had generated only 3,645.65 SOL (~$461,685), less than a single day’s earnings for Pump.fun. It's clear that while technical parity is achievable, cultural momentum remains elusive.
Jupiter’s Strategic Play: Tools Over Hype
Rather than jumping into the crowded launchpad race, Jupiter took a different approach. On July 4, it unveiled APE, a meme market discovery tool designed to help users navigate the noise.
APE offers two standout features:
1. Real-Time Token Discovery
APE continuously scans Orca, Raydium, and Meteora for the 100 newest tokens. Each entry includes a detailed audit report highlighting potential red flags—especially rug pull risks—empowering traders with better decision-making tools.
2. Vault: A Safer Trading Experience
The Vault feature introduces a novel concept: a centralized-style interface within a decentralized environment. Users deposit SOL into a vault beforehand, enabling instant trades without waiting for blockchain confirmations—and crucially, avoiding front-running by MEV bots.
Though still in early stages—with UX issues like missing candlestick charts and poor queue visibility—the Vault represents a forward-thinking solution to long-standing DEX pain points.
Jupiter isn’t chasing quick revenue from launch fees. Instead, it's building infrastructure to support sustainable trading behavior in high-volatility markets.
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TON’s Meme Ambitions Face Reality Check
The TON (The Open Network) ecosystem has seen a wave of Pump.fun clones: Gas Pump, Wonton, and Pumper. But so far, adoption remains minimal.
- The highest market cap on Gas Pump reached just $14,700.
- Wonton’s website suffered a DDoS attack and went offline.
- Pumper’s top token saw fewer than 210 TON purchased (~$1,400).
Compared to Solana’s explosive meme scene, TON’s ecosystem lacks both liquidity and trader interest. Without strong developer incentives or viral community drivers, meme launches here struggle to gain traction.
This suggests that success in meme coin platforms depends less on technology and more on network effects—something Solana has cultivated through years of developer support and trader activity.
Market Cooling: Meme Mania Fades
Recent data paints a sobering picture:
- According to CoinGecko, the overall meme coin market dropped 22.5% in seven days.
- On July 5, only 1,350 new Solana meme pools launched—less than half the average seen in May and June.
- High-profile tokens like BOME, POPCAT, michi, and MOTHER lost up to 50% of their value in five days.
MEME coins are inherently volatile. Their rise often mirrors bullish sentiment; their collapse accelerates during downturns. Now, with macro conditions uncertain and risk appetite waning, even the most hyped projects face steep challenges.
Frequently Asked Questions (FAQ)
Q: What caused Pump.fun’s revenue to appear inflated?
A: DefiLlama mistakenly counted internal wallet consolidations as revenue. After corrections, real revenue was nearly 70% lower than peak reports suggested.
Q: Is Moonshot safer than Pump.fun?
A: Yes—Moonshot audits all deployed contracts, whereas Pump.fun does not require audits. However, safety hasn’t yet translated into user adoption.
Q: Why did Jupiter build APE instead of a launchpad?
A: Jupiter focused on solving real trader pain points—like MEV attacks and poor discovery—rather than competing in an oversaturated launch market.
Q: Can TON catch up in the meme coin race?
A: Not yet. Despite new platforms emerging, low liquidity, weak community engagement, and technical outages hinder growth.
Q: Are meme coins still worth investing in?
A: High risk remains. While some projects deliver short-term gains, most fail quickly. Strong due diligence is essential.
Q: How can traders avoid rug pulls on new meme coins?
A: Use tools like APE that provide automated risk scoring, check liquidity lock status, and avoid tokens with anonymous teams or unaudited contracts.
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As the meme coin landscape evolves, platforms that prioritize transparency, security, and user experience are likely to outlast those relying solely on hype. For now, the cake may be shrinking—but innovation could still carve out new slices.