MEME becomes a hotly contested cake in bull markets: Pump.fun data inflated, TON, Jupiter and others entering intensively
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MEME becomes a hotly contested cake in bull markets: Pump.fun data inflated, TON, Jupiter and others entering intensively
When the market experiences a downturn and sharp volatility, the instability of MEME becomes even more evident.
Navigating Web3 tides with focused insightsBy Frank, PANews
The overall market has taken a sharp downturn, with major cryptocurrencies showing little momentum. Meanwhile, meme coins have become the primary battleground for various blockchain ecosystems.
On July 4, Jupiter announced the launch of APE, a tool designed to discover new meme markets. Earlier in June, DEX Screener—a well-known analytics platform—launched Moonshot, a token launchpad similar to Pump.fun. Within just one day, over 7,000 meme tokens were launched on Moonshot. The rapidly growing TON ecosystem has also introduced several one-click meme coin launch platforms, including Gas Pump, Wonton, and Pumper.
As the broader market enters a period of volatility, this seemingly lucrative sector has turned into a fiercely competitive red ocean. The hype around meme coins may be overstated, and an increasing number of new entrants are moving against the wind.
The "One-Click Launch" Model Is Losing Steam
Pump.fun appears to be the current barometer of the meme coin market. Allegedly built by a team of only three people, it generated over $54 million in revenue within just four months. On July 1, DefiLlama reported that Pump.fun earned more than $1.99 million in 24 hours, setting a new record. This sparked surprise across social media about how such platforms could sustain such high levels of activity. However, PANews found discrepancies in DefiLlama’s data: asset consolidations from Pump.fun wallets were mistakenly counted as income, inflating the July 1 and July 3 figures to $1.99 million and $1.22 million, respectively. The actual earnings were $600,000 and $630,000.
Beyond these two days, previous total revenue figures for Pump.fun also contained inaccuracies. Wallet consolidation activities and large address transfers accounted for approximately 39,251 SOL (around $6 million). After removing this amount, Pump.fun's true revenue stands at roughly $48 million.
In addition, Pump.fun’s daily trading volume has been declining. On June 12—the peak over the past month—total transactions reached 3.32 million, with 18,000 tokens deployed. By July 3, those numbers had dropped to 1.51 million transactions and 11,000 tokens. Active users fell from 51,000 on June 19 to 23,000 on July 3. Overall metrics have nearly halved.
Solana’s on-chain data shows a similar downward trend. On June 12, Solana recorded 1.23 million active addresses; by June 30, this figure had dropped to 800,000—a decline of about 30%.
Moonshot Still Lags Behind
Despite signs of contraction in the meme market, more players continue to enter aggressively. In June, DEX Screener launched Moonshot, a rival to Pump.fun. As a widely used analytics and discovery tool among meme traders, DEX Screener naturally saw an opportunity: after tokens launch on Pump.fun and list on Raydium, traders often move to DEX Screener or Birdeye for deeper analysis. Unwilling to remain merely a secondary viewer, launching Moonshot was a logical step. Functionally, Moonshot mirrors Pump.fun closely. DEX Screener claims all smart contracts on its launchpad undergo full audits, and it raises the bar by requiring at least 500 SOL to create a liquidity pool on Raydium.
However, Moonshot lacks Pump.fun’s social features like chat and live streaming, which significantly limits its appeal. Responding to competitors on Twitter, Pump.fun founder alon stated: “You can copy the product, but you can never replicate the culture.” As of July 5, Moonshot’s total revenue stood at approximately 3,645.65 SOL ($461,685.48)—less than Pump.fun earns in a single day.
Is Jupiter Building a Centralized Exchange On-Chain?
Jupiter clearly aims to participate in the meme coin space, but rather than joining the crowded one-click launch race, it is focusing on utility tools. On July 4, Jupiter unveiled APE, a meme market discovery tool with two core features.
The first key feature is real-time detection of newly listed tokens. APE continuously refreshes the latest 100 tokens from Orca, Raydium, and Meteora. Clicking into any token reveals detailed checks, especially risk assessments for rug pulls.
The second feature, called Vault (safe haven), may be even more innovative. APE creates a DEX that mimics centralized exchanges. Users can deposit SOL into their Vault account beforehand, enabling instant trades without waiting for on-chain confirmation and avoiding MEV bot attacks.
However, as the product is newly launched, user experience remains poor in areas such as chart display and order tracking.
Are Meme Coins Struggling on TON?
Several one-click launch platforms have emerged on the TON blockchain, including Gas Pump, Wonton, and Pumper. Yet overall, meme coins on TON are still in their infancy and far from gaining traction. The highest market cap for a token on Gas Pump is only $14,700. Wonton’s website displays a message indicating it is under DDoS attack and unavailable. Activity on Pumper is equally bleak, with the most popular token receiving fewer than 210 TON (~$1,400) in purchases.
As overall market conditions grow increasingly unstable, the entire meme coin sector is trending downward. According to CoinGecko, the meme coin market dropped 22.5% over seven days. On July 5, only 1,350 new meme pools were created on Solana within 24 hours—more than half less than the average of over 3,000 during May and June. Previously hot categories such as presale tokens, celebrity-themed tokens, and cat/dog-themed tokens are all seeing continuous declines. Major new meme coins like BOME, POPCAT, michi, and MOTHER have seen their prices halved in just five days.
As a highly volatile asset class, the frenzy around meme coins is evident to the crypto community. But when the market turns bearish and experiences sharp fluctuations, their inherent instability becomes glaringly apparent. Projects now rushing in to grab a share of this pie have clearly missed the best timing and must wait for a market recovery. PANews will continue to monitor developments in meme coin launch platforms.
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