Crypto data platform Dexscreener has unveiled Moonshot, a new platform that directly competes with Pump.fun and has already witnessed a surge in memecoin creations. Moonshot enables users to mint their own tokens on the Solana blockchain for a fee of approximately 0.02 SOL, similar to Pump.fun. The process involves linking a wallet, adding a token name, symbol, image, and optional social media links. Once a token reaches a market cap of 500 SOL (around $68,000), it is transferred to the decentralized exchange Raydium and 150 to 200 million tokens are burned. Since its launch, Moonshot has been inundated with an array of memecoins, spanning from political tokens to those inspired by viral videos.
The platform claims to be regulated and assures users that their tokens are beyond control, with no pre-sale or insider involvement. Moonshot’s emergence is part of a wider trend of new projects attempting to replicate the success of Pump.fun, which has amassed a significant following within the Solana community and generated over $40 million in revenue since March. Despite Moonshot’s assurances, it lacks comprehensive information about its audit and leaves certain inquiries regarding security and transparency unanswered. Please note that this article does not offer investment advice. If you wish to invest in more than 300 cryptocurrencies, you can register with Binance exchange through this link to avail a 20% commission discount. For exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.