The cryptocurrency data platform DEX Screener has unveiled a new platform for creating meme coins, positioning itself as a competitor to Pump.fun, according to The Block.
Moonshot offers users the ability to launch their own meme tokens on Solana at a cost of approximately 0.02 SOL, mirroring its competitor. Users need to create a name, ticker, and image for the coin, with the option to add social media links.
Once a token reaches a market capitalization of 500 SOL (~$69,100), the asset and liquidity are transferred to the decentralized exchange Raydium, and 150-200 million coins are burned to create a deflationary effect.
The developers assure that Moonshot is free from abuses such as presales or insider trading.
Immediately after its launch, the platform was flooded with a variety of tokens covering diverse themes.
The publication noted that it is unsurprising to see attempts to compete with Pump.fun, given the project’s broad user base within the Solana ecosystem. Since March, the most popular platform for creating meme coins has generated over $40 million in revenue.
Experts remain divided on the utility of meme tokens for the industry. Some argue that such assets are detrimental to it. Others believe they represent a new asset class and will attract new users.