Moonshot exploded in popularity within three months, leaping to become the "Binance of the Meme World," quickly gaining prominence in the cryptocurrency space, especially in the Meme coin sector. How did Moonshot achieve this?
Simplifying Meme Coin Trading, Introducing Fiat Purchases
Launched on July 18, Moonshot is a platform designed to facilitate the trading of Meme coins using fiat currency. It aims to simplify the process of buying and selling Meme coins for users unfamiliar with the complexities of blockchain. The platform quickly gained attention by providing a user-friendly interface, allowing transactions to be completed with just an email and FaceID, without the need to understand complex blockchain concepts.
Moonshot partnered with MoonPay to support fiat currency purchases, including payments via Apple Pay and credit cards. MoonPay and Pump.fun are actually "brothers" under the same umbrella, both incubated by Alliance DAO.
The highlights of supporting fiat purchases and Apple Pay payments make it one of the first applications to facilitate such transactions for Meme coins, significantly lowering the entry barrier for non-crypto users. The platform also utilizes a self-custody wallet system, ensuring users can control their assets without managing complex security measures like recovery phrases.
Moonshot typically requires a daily trading volume of around $1 million for meme tokens to qualify for listing. The platform charges fees based on transaction amounts and payment methods, with some users finding these fees high, especially for large transactions. Like many Meme coins, Moonshot's influence is closely tied to market sentiment, which can be very volatile; its ability to maintain influence will depend on its adaptability and innovation in response to market changes and regulatory developments.
In August, official news announced that Moonshot updated its Meme coin issuance fee agreement to allocate profits to creators and major holders. Creators and major holders launching Meme tokens on Meteora through Moonshot will receive locked lifetime liquidity fees. Moonshot aims to transform creators and early supporters into shareholders, allowing them to benefit from the long-term growth of the tokens while reducing repeated pump-and-dump behaviors.
Hitting the Jackpot, Moonshot Begins to Experience Listing Effects
At the end of September, Moonshot encountered its first benefactor—MOODENG, whose market cap surged from around $100 million to approximately $300 million within a week, significantly boosting Moonshot's visibility.
Image Source: AICoin
During the MOODENG surge, Moonshot's daily fees quickly rose from around $3,681 to $24,000, and daily trading users increased from 396 to 3,458.
The new Meme godfather Murad had already affirmed Moonshot in a tweet, stating, "I am not involved in this project in any way, but startups like Moonshot will make the Memecoin supercycle even larger. Their users do not need to know anything about wallets or blockchains; they just need to click once, like paying to upgrade an iPhone game."
Murad's super speech on the "memecoin supercycle" at the Token2049 conference in Singapore inadvertently boosted Moonshot again, as Moonshot had already listed SPX6900 before the speech, undoubtedly contributing to Moonshot's rise.
Moonshot is now considered to have a "token listing effect," where tokens listed on the platform often experience short-term price surges.
The platform's influence is seen as a bridge between centralized exchanges and decentralized finance, providing liquidity and visibility for Meme coins not listed on major exchanges. At the same time, Moonshot attracts a large user base, leveraging social media and community engagement to drive interest and participation in the Meme coin market.
Conclusion
Moonshot plays a significant role in the meme coin market by bridging the gap between fiat currency trading and blockchain technology. Its rapid rise and "token listing effect" have made it a key player in the Meme coin ecosystem, despite facing challenges such as market volatility and competition. As the platform continues to evolve, it will be interesting to see how it adapts to the ever-changing landscape of the cryptocurrency market.
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